Deepfakes are synthetic media that uses artificial intelligence to realistically manipulate images and videos by replacing a person's face with another. The term is a combination of "deep learning" and "fake". While deepfake technology was initially developed for entertainment purposes like special effects, it can also be used to impersonate people, create realistic simulations for training, and generate fake content for social media. However, there are disadvantages like using deepfakes for blackmail, spreading misinformation, and lack of authenticity which is why regulation of this technology is important.