NFT stands for Non-Fungible Token, which is a unique digital asset that represents ownership or proof of authenticity of a particular item or piece of content, such as artwork, music, videos, or tweets. Unlike fungible tokens like Bitcoin, which are interchangeable with one another and have equal value, NFTs are one-of-a-kind and cannot be exchanged for another token or asset of equal value.

NFTs are built on blockchain technology, which is a distributed ledger that records transactions and ownership of digital assets in a secure and transparent way. NFTs are typically created, bought, and sold on blockchain marketplaces that specialize in the trading of these unique digital assets.

The value of NFTs is based on their scarcity and authenticity, as well as the perceived value and demand for the underlying item or content they represent. NFTs have gained popularity in the art world, with some high-profile sales of digital art pieces fetching millions of dollars at auction. However, NFTs have also been used in music, sports, and other industries to authenticate and monetize unique digital assets.