ChatCraft is an AI assistant designed to aid software developers with their tasks. Users must enter an OpenAI API key into the provided form to access the tool, and can then communicate with ChatCraft through chat to receive assistance on various development tasks. The API key is securely stored offline in the browser's local storage for privacy. ChatCraft is an open-source tool available on GitHub, leveraging OpenAI's API to provide valuable insights and guidance for developers to streamline workflow and increase productivity.