A Web Component is being developed using the APIs available in browsers today, specifically for building a video chat widget using Twilio Video. The component will be reusable and can be used anywhere with just two lines of code, linking to it via HTML Imports and Shadow DOM. The project uses Node.js, Chrome, and Twilio credentials to authenticate with the platform. Once built, the component will encapsulate behavior and content, making it a valuable tool for modern web development.