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In this tutorial segment, the speaker explains the process of applying and wiping off a finish, as instructed by Darren. The application is left to sit for 10 to 15 minutes, allowing it to soak in before excess is wiped off. This step is crucial as it prevents thick waxy buildup that can interfere with varnish adhesion. The speaker notes that while the first layer serves as a base, subsequent layers can darken the finish significantly. Typically, two to three coats are sufficient, with the first covering the basics and the second enhancing the depth of color.