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NFT stands for Non Fungible tokens are interchangeable digital assets traded over the internet.NFTs are digital assets designed to track ownership of virtual items such as art and video game characters. Digital art is the focus of a lot of current NFT trading, although NFTs can be made for anything digital — a gif, jpeg, tweet or YouTube video, for example. The NFT itself is a unit of data that provides proof of ownership. You could think of it as a certificate of authenticity that verifies a particular person owns certain rights to that unique digital asset. This certificate is stored on a blockchain, a publicly accessible digital ledger of transactions that allows anyone to see who owns a particular NFT.
NFTs are bought and sold on a variety of online exchanges, where people can place bids or sometimes buy NFTs outright. Purchases are typically made in cryptocurrency, often ether, since many of the NFT platforms are part of the Ethereum blockchain.