NFT stands for Non-Fungible Token. It's a type of digital asset that represents ownership or proof of authenticity of a unique item or piece of content using blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged on a like-for-like basis.

NFTs can represent various digital assets such as art, music, videos, virtual real estate, collectibles, and even tweets or memes. They are typically bought and sold on online marketplaces using cryptocurrency, and ownership is recorded on a blockchain ledger, which provides transparency and ensures the authenticity and provenance of the asset.

The appeal of NFTs lies in their ability to provide a way for creators to monetize their digital works directly, as well as offering collectors a way to own and trade rare or unique digital items.