DMT - short for N,N-Dimethyltryptamine - is a naturally occurring chemical found in all living organisms. When extracted from certain plant sources, the crystallized form is combined with some sort of herb (cannabis or otherwise) and smoked. The effect is instantaneous.
DMT is colloquially called the 'Businessman's Trip' because of its short duration - often as short as 10 minutes. Those who smoke DMT in its crystallized form report comparatively odd experiences relative to the classic psychedelics, including 'blasting off' into white space, and having contact with alien-like entities.
Nick Sand first synthesized DMT freebase (the smokable form of DMT) in the 1960s. Before the discovery of freebase DMT, it could only be injected, an onerous process. By discovering freebase DMT, Sand opened the doors for accessibility to this previously mysterious chemical.
DMT, like LSD and Psilocybin, was declared a Schedule 1 drug in the 1960s.
Along with many other classic psychedelics in this Third Wave of Psychedelic Use, smokable DMT has seen a resurgence in interest, especially in Australia. According to a study in 2013, DMT has the largest amount of new users, compared to other psychedelics. Research estimates suggest that 8.9% of people have tried DMT at some point in their life.