Everytime I get excited about NFTs (as they exist currently) I come back to the blackpill that the only thing that is onchain is the metadata and most of the actual NFT content is just hosted on S3 buckets

Can someone un-blackpill me?

I still think the underlying tech is cool fwiw

Onchain:
+ media 
+ functionality 

For example a Noun is entirely onchain SVG and has proposal and voting rights over a $40M treasury.

Yeah I think onchain SVGs are the answer to this problem when talking about exclusively visual NFTs