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Tibetan Buddhist iconography. In creating any and all Vajrayana Buddhist pictures/art, it is a religious act. To get off even a slight detail is sacrilege.
Since there is so much to cover I'll just state the basics.
This picture is used to describe how samsara, the eternal cycle of life, death and rebirth works. To escape samsara, one must become enlightened.
The very center of it are three animals: a pig, a snake, and a bird. They represent the three poisons of ignorance, anger, and attachment, respectively.
The 2nd layer is karmic actions, both positive and negative as seen on the dark and light side. One leads to enlightenment and the other leads downwards.
The 3rd layer with the six slices represent the six realms of samsara. On the top are gods, demigods and humans. The bottom half are animals, ghosts, and hell. None of these states are permanent unless enlightenment is reached, as seen by the Buddhas in the clouds above the wrathful figure holding the wheel of samsara who, by the way, represents impermanence.
The 4th layer with the 12 links are representative of cause and effect. Essentially they show how karma is developed.
Finally, as previously mentioned, the Buddhas on the clouds above the figure have achieved enlightenment and escaped samsara, the ultimate goal being that state.
Of course, some people choose to stay in the realm of samsara to help others achieve enlightenment. These are called Bodhisattvas.