OpenAI's shap-e is a Python-based tool for generating 3D objects conditioned on text and images. It uses implicit functions to generate 3D models based on user-defined prompts and synthetic view images. Installation is simple with pip install, and users can access sample notebooks and examples for getting started with the tool. The tool also includes an encode_model.ipynb feature that can load 3D models and encode latents to render back. Overall, shap-e is a powerful tool for creating 3D models with text and image prompts.