Thats interesting and you should know a lot about these kind of things too.
So what if I wrote a program that drew a black square about the size of an emoticon say - 16x16 pixels. Then it change top left pixel to slightly brighter - dark grey and saved that image out then a bit brighter and save. When white it moves to next pixel etc. So ok it would take a long time to fill a hard drive with the 16x16x256x256x256 images but its only 200 million and thats a program which produces every conceivable image inside a 16x16 pixel square. So I own everything future created which is a small image ?
This is a lot like the x number of letters domain names where every combination of letters up to about 5 now has been taken.