What does NFT (non-fungible token) mean?

A unique, non-interchangeable token on a blockchain that represents a specific one-of-a-kind asset, as opposed to fungible tokens where every unit is identical.

Each NFT is distinguishable, so it can record verifiable on-chain ownership of a particular item (digital art, a membership, any unique asset). Its opposite is a fungible currency where one unit equals any other.

Go deeper:

• Non-fungible token — Wikipedia — diagrams a token minted and owned via a smart contract.