NFT stands for non-fungible token. It is a type of unique digital asset created on the blockchain and has its ownership managed on the blockchain. The majority of the NFTs created are digital but there are use cases for physical NFTs such as unique collectables and even domain names. In the physical art world, specialists will appraise an art piece to determine if it is authentic. In the crypto space, this is done automatically with the data that is linked from the minted NFT and what wallet it is stored in on the blockchain. The owner of the wallet is the owner of the NFT and has access to sell or transfer the asset to another person's wallet.