Building a real-time collaborative text editor similar to Google Docs involves integrating CRDTs, YJS, Lexical, and PubNub within a ReactJS environment. The process begins with setting up a new React project and installing necessary dependencies such as "lexical", "y-websocket", "react", and "react-dom". Lexical plugins allow for customizable text formatting and real-time collaboration, while YJS handles conflict-free replicated data types to ensure consistency across multiple users. PubNub facilitates real-time connectivity, enabling seamless multi-user collaboration by transmitting document changes and user actions. Once the setup is complete, developers can further customize their editor with features such as user-defined cursor colors and personalized text styles. By leveraging these technologies, developers can create scalable, interactive collaboration tools that mimic the functionality of popular applications like Google Docs, ultimately offering a robust platform for real-time collaborative editing.