"Open" means a service is listening for and accepting packets for processing.
TCP port 80 is the standard port address for web servers that use the HTTP protocol. You can see this defined in your nmap output.
"Open" high numbered ports are usually transient services. An example of this form of usage is the FTP protocol, where high numbered ports come and go with each file transfer.
The port numbers used do not guarantee this is their purpose. If the address in question is your at-home router, then I would suppose port 80 is used by the device's "website" for provisioning. I cannot guess what the high numbered port is used for without establishing connection to it, which I could not do from here, as the IP address is on a private network.
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