Attributes of type varchar have a database restriction to 255 characters because of the value field of type varchar(255)
in the corresponding eav table catalog_product_entity_varchar
. The input type for this kind of attributes is usually an "Text Field".
You need an attribute of type text in order to store more than 255 characters since then you will have a value field of type text
with a restriction of 65,535 bytes in the corresponding eav table catalog_product_entity_text
. Usually this fields have a input type "Text Area". A common example of such a product attribute is description.