This widget is for displaying static images. You can upload an image of max. size 5 MB. Just as for all the other widgets you can define a dashboard link or external link for this widget.
Supported data types are .tiff, .pjp, .pjpeg, .jfif, .tif, .gif, .svg, .bmp, .png, .jpeg, .svgz, .jpg, .webp, .ico, .xbm, .dib.

Use Image widget as a button

You have the possibility to hide the widget menu at the dashboard level. You can do that by disabling the 'Show Menu in Dashboard' option on the widget editor page.
This may be useful for example when you want to have a custom button on your dashboard. When the option 'Show Menu in Dashboard' is disabled the three vertical dots menu will not be available anymore which may lead to a more button usage feel.