OpenFaaS is a serverless framework that allows users to build and run applications without managing servers. It uses Docker and Kubernetes to package any process as a serverless function. Some key advantages of OpenFaaS include only paying for necessary resources, not needing to manage servers, and automatic scaling of application resources. Functions as a Service (FaaS) offers the ability to create single use functions with complete server abstraction for developers. The presentation then demonstrates example functions and the project structure used by OpenFaaS.