NFT stands for Non-Fungible Token. NFTs are digital assets that allow owners and collectors infallable proof of ownership, backed up by a decentralised ledger or database called the blockchain which keeps a full record of when a digital asset is created, sold or transferred. Traditionally, in the internet age, digital assets (e.g. JPEGs, Movies etc) were easy to copy and create an unlimited copies of and hence it was impossible to ascribe a value to 'digital assets' before the blockchain. But with NFTs all that has changed. Now because each NFT is unique, they can be used to authenticate the ownership of digital and physical assets like art, clothing, collectibles, digital videos, music, and digital art.
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