You can just draw on the Desktop, but it will be erased if refreshed or by other windows of course (otherwise, you must use a transparent window) :
Dim hc As Net.Http.HttpClient = New Net.Http.HttpClient()
Dim imgBytes = Await hc.GetByteArrayAsync("https://i.ibb.co/3vLqy0j/Butterfly.png")
Dim bmp As Bitmap
Using ms = New MemoryStream(imgBytes)
bmp = Image.FromStream(ms)
bmp.MakeTransparent()
End Using
Using gr = Graphics.FromHwnd(IntPtr.Zero)
gr.DrawImage(bmp, 200, 200)
End Using