Quick Question on Peer (Open) Assets


#1

Could someone help me understand colored coins and open assets? I’ve read that a digital asset can be anything from a document, photo, even an mp3. When dealing with things like open(peer) asset protocols, are these digital assets stored in the blockchain? Or are the colored coins merely labeled “Peercoin’s photo” andthen if you send me that colored coin I now have ownership over that photo?