NFT stands for Non-Fungible Token. It is a type of digital asset that represents ownership or proof of authenticity of a unique item or piece of content, such as art, music, videos, or even tweets. Unlike fungible assets like cryptocurrencies, which are interchangeable and have the same value, non-fungible assets are unique and have distinct characteristics that set them apart.

NFTs are created on blockchain networks, such as Ethereum, using smart contracts. These smart contracts contain the details of the ownership and provenance of the digital asset. Once an NFT is created, it can be bought, sold, and traded on various marketplaces, such as OpenSea, Rarible, and Nifty Gateway.