What is 3MF?
Where 3D printing went once STL's limits got too obvious. It stores each vertex once and refers back to it, and carries colour, materials and print settings that an STL has nowhere to put. Being a zip of XML, a 3MF of the same model usually lands at a fraction of the size.
What is STL?
The language of 3D printing. It describes a surface as a heap of triangles and nothing else - no colour, no texture, no structure - which is exactly as much as a slicer needs. There's an ASCII flavour and a binary one about a fifth the size.