Could someone explain how to go about doing this?

I have the option to use the txt method or CNAME method, both of which I seem to be lost on despite searching for answers online. It seems to be easier than I am making it out to be

CNAME Label / Host: (info provided)
CNAME Destination / Target: (info provided)

or

TXT (info provided)

are the 2 methods given.

I'm not seeing an option at all for the txt method in our panel and don't understand the CNAME method.