Correct, it still only exists as long as someone on the IPFS network wants to keep it up. Similar to bittorrent in that way. Still, in the long-term, it seems that having the actual image/video/audio/other data replicated on a decentralized network rather than hosted on a single domain makes more sense to me (but then again, I'm very bullish on the future of IPFS/Filecoin).
It'll be interesting to see because if someone is the only one to pin/replicate the IPFS object an NFT points to it seems like they have some leverage over NFT owners. Is there any way to validate the file without the ipfs object? That's one weakness I've seen pointed out in the NFT idea (beyond the obvious objections about the energy use for what looks a lot like tulips and speculation).
