NFT stands for “Non-Fungible Token”. NFTs are digital assets that use blockchain technology to provide proof of ownership and provenance.

Blockchains are essentially immutable and publicly accessible online ledgers. Once a record is added to a blockchain, that record can't be changed or erased. Blockchain busted into popular culture consciousness with the rise of Bitcoin, a type of digital currency/coin/token recorded on the Bitcoin blockchain. This particular blockchain is an online ledger that shows the recorded history of every Bitcoin that has ever been mined, owned, purchased, and sold.

Now, here is where NFTs come in. NFT stands for “Non-Fungible Token.” Currency, such as the US Dollar, is an example of something that is "Fungible". A dollar is exchanged for another dollar without any increase or decrease in value. NFTs, are tokens representing unique digital assets, recorded on a blockchain showing the records of who created (or minted) the image, who owns the image, and any previous owners of the image. Since one digital work of art isn't of equal value of another piece of digital art, they are "Non-Fungible".

Essentially, blockchain technology has made it possible for the first time in the history of online digital art to prove ownership and provenance of unique digital works.