NFTs or ‘Non-fungible Tokens’ are digital fields encoded on a blockchain using the same cryptocurrency. Unlike standard formats like mp3, mp4, png, etc., NFTs can not be replicated, meaning each NFT is wholely unique unto itself.
For example, if an artist sells a piece of art as an NFT, and you buy it, you will be able to verify, using blockchain technology that you are the sole owner of that singular product.