8-bit
Forget about this term, pixelart-wise. When people say "8-bit", usually it refers to low-quality pixelart with reduced palette and apparent pixels. But actually, 8-bit is a much more abrangent term and totally not related to the quality of graphics.
Wait, this isn't 8-bit??
8-bit is a term that refers to the processor of old game consoles and computers. That is to say, one bit is a single binary unit (that is, 0 or 1) while eight bits are, as you expected, eight binary units. This system allows programmers to store variables from 0 to 255 units, which is why this number appears a lot as a cap number, such as RPG stats, maximum money you can carry, or Pacman's kill screen.
Graphically, such a processor doesn't really define the looks of the game, as many devices used 8-bit processors, for example:
NES
NES is able to display sprites and graphics with up to 3 colors and 1 alpha transparency for detail.
Gameboy
Original Gameboy screen. Graphics are rendered in 4 monochromatic tones: White, Light Gray, Gray and Black.
Master System
Sega's Master System is able to produce more colorful sprites than the NES, though it has other types of limitations.
Commodore 64
Commodore 64 is very modest, with only 1 color for each graphic (there are no intermediate shades). Late C64 games could produce more colorful and detailed graphics.
There are so many other devices with 8-bit processors, but as you can see, there are actually many graphical discrepancies between those systems and therefore, the usage of "8-bit" to refer to pixelart or aesthetic should be avoided. Use "(console)-inspired", such as "NES-inspired" or "Gameboy-inspired" instead. Each console has its ups and downs when rendering graphics, so grouping them together into a single umbrella term doesn't really help.
Forget about this term, pixelart-wise. When people say "8-bit", usually it refers to low-quality pixelart with reduced palette and apparent pixels. But actually, 8-bit is a much more abrangent term and totally not related to the quality of graphics.
Wait, this isn't 8-bit??
8-bit is a term that refers to the processor of old game consoles and computers. That is to say, one bit is a single binary unit (that is, 0 or 1) while eight bits are, as you expected, eight binary units. This system allows programmers to store variables from 0 to 255 units, which is why this number appears a lot as a cap number, such as RPG stats, maximum money you can carry, or Pacman's kill screen.
Graphically, such a processor doesn't really define the looks of the game, as many devices used 8-bit processors, for example:
NES
NES is able to display sprites and graphics with up to 3 colors and 1 alpha transparency for detail.
Gameboy
Original Gameboy screen. Graphics are rendered in 4 monochromatic tones: White, Light Gray, Gray and Black.
Master System
Sega's Master System is able to produce more colorful sprites than the NES, though it has other types of limitations.
Commodore 64
Commodore 64 is very modest, with only 1 color for each graphic (there are no intermediate shades). Late C64 games could produce more colorful and detailed graphics.
There are so many other devices with 8-bit processors, but as you can see, there are actually many graphical discrepancies between those systems and therefore, the usage of "8-bit" to refer to pixelart or aesthetic should be avoided. Use "(console)-inspired", such as "NES-inspired" or "Gameboy-inspired" instead. Each console has its ups and downs when rendering graphics, so grouping them together into a single umbrella term doesn't really help.