NFT's are akin to Black Magic, Do I want to participate?

With so much hype lately, what is an NFT and why is it associated with the WEB3.0 blockchain?

NFT are digital art with a unique encryption that identifies them as the original from the content creator. Its as simple as that. Applications, NFT can be used to sell characters or skins in a video game, sporting event tickets, tickets to concerts, club membership with benefits. etc. Thats my really basic understanding.