Frits are parts of a glaze recipe that have been melted and ground to be added into a new glaze recipe. Frit 3292 is a balanced glaze material, meaning it can make up the bulk of recipe. It is useful in firstfire sanitary ware (bathtubs, sinks, toilets, etc).
Information gathered from Digitalfire Ceramic Materials Database and The Potter's Dictionary of Materials and Techniques by Frank Hamer.