creating 3d Icons from 2d Icons, from PNG to OBJ

okay...I've always wanted to understand this...So how do I regenerate a single obj file after changing the mtl file to point to this new image on my drive? Or do they go together into the Models folder?

For e.g. I was able to get this to work in the past:
https://sketchfab.com/3d-models/animated-flag-ee4ef66dbeb54b379dca355a20073ea0
SketchfabSpace Explorers Academy
Create your own animated flag with this blank template!

How to
1. Download 3D Model “Autoconverted format (glTF)”
2. Unzip “blank_animated_flag.zip” folder
3. Open “Flag_baseColor.png”
4. Replace/add image on the 2048 x 1390 px portion (Flipped & rotated 180º)
5. Drag and drop .bin, .gltf & texture f...
Animated Flag - Download Free 3D model by Space Explorers Academy (...
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