NFT stands for non-fungible token. "Non-fungible" means each token is unique or individually identifiable, unlike one bitcoin or one dollar, which can be exchanged for another of the same kind.
What NFTs can represent
NFTs can represent digital art, collectibles, game items, event access, memberships, music rights, or proof of ownership. The token exists on a blockchain, while the media or rights connected to it may depend on the project.
What NFTs do not automatically do
Buying an NFT does not always mean buying copyright or full legal ownership of the artwork. The actual rights depend on the project terms.
NFTs became popular on Ethereum, but they also exist on other networks. Like other crypto assets, they can be risky and highly speculative.