A soft-bricked smartphone cannot boot successfully and it keeps crashing constantly. 

The wallpaper in question has mainly proven lethal for Samsung smartphones, but other Android handsets aren’t immune to its effects either. Thus, it is recommended that you avoid the temptation to download it. 

The wallpaper’s color profile is to be blamed supposedly

While it’s hard to say with certainty what exactly is causing this behavior, some theories are being floated around. Apparently, the image has a larger color space than your normal everyday pictures and this leads to an array out of bounds exception.  So, if you set the image as your wallpaper, it will cause the System UI to crash. 

Users who kept this image as their wallpaper have reported that it caused their phones to go into a boot loop or start the bootloader again. Some were lucky enough to have their phone boot into safe mode as this bought them time to reset the wallpaper. Others had to factory reset their handsets to get them working again. This is not an ideal solution, as it wipes out everything.

The moral of the story is that you are not to use this image as a wallpaper or there will be consequences. Many Android users out there let curiosity get the better of them and ended up losing content on their phones.