What is an artifact in this context?
It's also like a local cache of public repos. That means faster builds, some level of quality control (ie black or white list of safe libraries) as well as protection against things like the leftpad fiasco or 2016.
Packages/libraries such as those used by NPM and Pip are some examples. It may also be an entire program, an OS package, a virtual machine, a Docker image, even things like PNG images.
Artifactory has tooling to make it easy to integrate into typical build pipelines.