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 indivisible.

Key features of NFTs include:

1. Indivisibility: NFTs cannot be divided into smaller units like cryptocurrencies. Each NFT is a distinct, whole unit.

2. Ownership and Authenticity: NFTs use blockchain technology to establish ownership and verify the authenticity of a digital item. This information is stored on a decentralized ledger, making it secure and tamper-resistant.

3. Interoperability: NFTs can be bought, sold, and traded on various online marketplaces that support the same blockchain standards (such as ERC-721 for Ethereum-based NFTs).

4. Smart Contracts: NFTs often leverage smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. These contracts facilitate transactions and automate various aspects of ownership and transfers.

NFTs have gained significant attention in various fields, including digital art, music, virtual real estate, gaming, and more. Artists, musicians, and content creators can tokenize their work, allowing them to sell and distribute digital assets in a more direct and decentralized manner. However, the NFT market has also faced criticism, particularly regarding environmental concerns due to the energy-intensive nature of some blockchain networks.