NFT, as name-dropped before, stands for Non-Fungible Token. It is a digital asset that has ownership of a specific item. Anything from a piece of artwork, music, video, or another collectable can be an NFT. They are stored on a decentralized blockchain, meaning they are secured with ownership tracking and record keeping.
Bitcoin or Ethereum, like any cryptocurrency, is a fungible token that can be interchangeable with something of the same value. While an NFT is Non-fungible, meaning they are unique and cannot be replaced or exchanged for a similar item since the market determines the prices for these items with a one-of-a-kind value.
Artists have been very keen on this since it makes their work unique to them and selling their item never needs a middleman watching over the purchase. Also, the buyer is sure to be known that their new purchase is an original piece that cannot be replaced.