Ambergris is a waxy substance produced in the intestines of sperm whales, specifically Physeter macrocephalus. It is formed from the digestion of squid beaks and other hard materials, and can float in the ocean for years before washing ashore. Historically, ambergris has been highly valued for its use in perfumery, as it acts as a fixative that helps scents last longer. Its rarity and unique properties have made it a sought-after ingredient, although its use has declined due to ethical concerns and the availability of synthetic alternatives.