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In this tutorial, the speaker introduces a transcription tool called otter.ai, which is based on AI algorithm. Users can transcribe audio into text for free with 600 minutes provided. If more minutes are needed, users can purchase or use different accounts. To start transcribing, users can click on the tool, import the audio file, and let it transcribe itself. The speaker recommends otter.ai as one of the best transcription tools available, but also mentions other tools that can be used for audio transcription.