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An IP address is a set of numbers and/or letters that are assigned to a device connected to the internet. It is similar to a mailing address, as it tells the internet where to find a specific device, so that data (such as a website) can be sent to it. 

There are two main types of IP addresses: IPv4 and IPv6. IPv4 addresses are made up of four sets of numbers, separated by periods. IPv6 addresses are made up of eight sets of numbers, separated by colons. 

Each number or letter in an IP address can have a value between 0 and 255. An IP address is usually assigned by an Internet Service Provider (ISP) when a device connects to the internet. The device can be a computer, phone, router, etc.

An IP address is assigned to a device so that it can be found and communicate on the internet, and uniquely identify it among all other devices.