A nucleotide is the basic building block of nucleic acids, such as DNA and RNA, consisting of three components: a phosphate group, a five-carbon sugar, and a nitrogenous base. These components play a crucial role in the structure and function of nucleic acids, allowing them to store genetic information and participate in protein synthesis. Nucleotides link together through phosphodiester bonds to form long chains, which are essential for the overall structure of DNA and RNA.