Web Components & Shadow DOM

What is the purpose of the <slot> element in Web Components?
class MyCard extends HTMLElement {
  constructor() {
    super();
    this.attachShadow({ mode: 'open' });
    this.shadowRoot.innerHTML = `
      <div class="card">
        <h2><slot name="title"></slot></h2>
        <div><slot></slot></div>
      </div>
    `;
  }
}
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