GPT3 Text Generation is an AI-powered virtual assistant that uses natural language processing to produce text-based outputs. It offers various features such as diverse text generation for creating dad jokes, poems, and more, as well as customizable randomness with a seekbar. Additionally, users can provide feedback and flag inappropriate content while enjoying data safety measures. The tool is ideal for generating engaging and entertaining content, creating text-based outputs, and adjusting the output randomness to fit individual needs and preferences.