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NFT stands for Non-fungible token. This means that you cannot re-sell it or exchange it for an asset of equal value

An NFT is a type of digital asset that can be bought or sold. Similar to cryptocurrency, the creator of the asset has its details “engraved” on the internet in a shared ledger known as blockchain. What this does is certify that the asset is legitimate, unique and non-interchangeable. These NFTs can be used to represent photos, videos, films, art, and more. It can be seen as a way to sell digital files.

NPR states that:

“..you are also purchasing a kind of bar code, almost a certificate of authenticity that serves as proof that a certain version of something is uniquely yours”

“Take CryptoPunks, pixelated avatars that have fetched millions of dollars. Sure, you could download one of the alien avatars, but collectors would not consider it authentic. A real alien CryptoPunk costs, on average, $900,000.”