From the website - its a "minimalist fashion challenge that invites you to dress with 33 items or less for 3 months". You create a capsule collection of 33 things that you will wear for an entire quarter. http://theproject333.com/about/
One of my friends did it, and said it really re-vamped her wardrobe since she focused on quality rather than quantity, and learned to select pieces that fit great and ditch the rest. She said its really streamlined laundry and laying out clothes for the next day. I haven't done it, but I think its pretty interesting! I love looking at people's outfits and capsules on IG #project333