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A Non-Fungible Token (NFT) is a token that adheres to the ERC-721 standard and is unique in such a way that it cannot be equally replaced with another token (and thus is non-fungible). Contrary to a typical cryptocurrency coin or token which is fungible (one bitcoin is the same with another bitcoin and can be used interchangeably), Non-Fungible Tokens have unique properties and cannot be duplicated. NFTs can easily be transferred from one digital wallet to another. The full ERC-721 standard can be found here:

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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