Hi guys , this post briefly explains what is the basic difference in Sprites, Textures and Material in Unity:

Sprites : All the graphic components that are part of 2D Game development are called sprites. Sprites can be moved around, resized , rotated like a game object in Unity. They work with sprite Renderer unlike 3D object that work with Mesh renderer.

Unity contains various Sprite Tools such as :

Sprite Editor : To edit sprites by selecting them individually from sprite Atlas or changing there Pivot point etc.

Sprite Creator : Used to create Sprite placeholder in Unity 5.3 and above.

Sprite Packer: it is used to increase the efficiency of your project's usage of main memory by packing various sprite into a single place using the "Packing Tag" attribute that shows up in Inspector window on selecting an  sprite in project window.

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Textures : These are just images that you get by any image editing softwares such as Photoshop, paint etc and can be applied to 3D objects material.

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Materials: These are component applied on 3D object and decides how the object should like. A material can take various textures to show the depth, transparency, color of the object.

Stay dedicated. Keep Working Hard.