As the name suggests, snapshot refers to a state of project and its dependencies at that moment of time. Whenever maven finds a newer SNAPSHOT of the project, it downloads and replaces the older .jar file of the project in the local repository.
Snapshot versions are used for projects under active development. If your project depends on a software component that is under active development, you can depend on a snapshot release, and Maven will periodically attempt to download the latest snapshot from a repository when you run a build.