NFT stands for Non-Fungible Token. It's a unique digital asset stored on a blockchain, like Ethereum, that represents ownership of a specific item, such as art, music, or collectibles. Unlike cryptocurrencies like Bitcoin, each NFT is one-of-a-kind and can't be exchanged on a one-to-one basis. It's a way to prove digital scarcity and authenticity. However, its value is highly speculative, so always do your own research before getting involved.