NFTs are unique digital tokens that represent ownership of a specific digital asset, such as an image, video, or piece of music. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged for one another, each NFT is one-of-a-kind and cannot be replaced or replicated.

NFTs are built on blockchain technology, which is a decentralized and transparent ledger system that records transactions. Each NFT is associated with a specific digital asset, and its ownership is recorded on the blockchain. This means that NFTs cannot be duplicated or destroyed, and their ownership can be easily verified and transferred.

One of the key features of NFTs is their ability to add value to digital assets that were previously considered to have little or no value. For example, a digital artist can create a unique piece of artwork and sell it as an NFT. The NFT represents ownership of the artwork, and the artist can sell it to collectors who are willing to pay for the exclusive rights to own it.

NFTs have gained popularity in the art world, where they have been used to sell digital artworks for millions of dollars. They have also been used in the music industry, where musicians have sold exclusive rights to their songs as NFTs. In addition, NFTs have been used in sports, where they have been used to sell exclusive digital collectibles such as trading cards.

In simple terms - NFTs or non-fungible tokens are unique digital assets that are verified on a blockchain, allowing for ownership and provenance of digital items such as artwork or collectables 

The value of NFTs is determined by supply and demand. The rarer the NFT, the more valuable it is likely to be. NFTs can be sold on online marketplaces, where buyers can bid on them or purchase them at a fixed price. When an NFT is sold, the seller receives the proceeds of the sale, minus any fees that are charged by the marketplace.

NFTs have become a popular way to buy, sell, and collect digital assets. They offer a way to create unique and exclusive digital assets that can be owned and traded just like physical assets. As more people become interested in NFTs, it is likely that they will continue to evolve and become more mainstream in the coming years.