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NFT stands for Non-Fungible Token. It is a type of digital asset that represents ownership of a unique item or piece of content, such as artwork, videos, music or collectibles. NFTs are stored on a blockchain, which is a decentralized and secure digital ledger.

Unlike other cryptocurrencies, NFTs cannot be replaced or exchanged for an identical item, making them unique and one-of-a-kind. They are becoming increasingly popular in the digital art world, where ownership and provenance are important. They enable artists to sell their work directly to buyers, and they help collectors to prove authenticity of their items.