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They are collectible elements within the Ethereum blockchain under ERC-721, where each token refers to a single element with a certain value. They represent something unique and therefore does not have the mutual interchangeable value. In other words, no non-fungible token is the same. The most popular is CryptoKitties, but there are many others.
A term made popular by Carlos Matos who was the spokesperson for the Bitconnect Ponzi. He used it frequently during Bitconnect events to rile up the crowd.
