What if the two living creatures change places?
I intentionally didn't draw something 3 dimensional, I didn't even try (Okay..I wouldn't be able to, either). The peculiar traits of the components are important. If you rotate the whole thing by x degrees, the placement of the components will make more sense. The knowledge tag here is (maybe unfortunately) of primary importance and unavoidable
The wavy line indeed represents water
This is the biggest giveaway so far : it's worth going back to the '80s
The word associated with image
Smiling is not relevant. The water symbol is relevant. The placement makes more sense if you rotate 180 degrees. The red color is relevant, the black is not. The peculiar shapes inside the butterfly is relevant, "bmp" is relevant, "2D image" is relevant, and both jellyfish and butterfly as "entities" are relevant. (Symbolism!)