UPDATED FOR GMS v2.3+
IBIT stands for "Instance Based Images and Text", which loosely means that this asset is for creating instances based on a source text file or image to create cool effects. Essentially, each instance created will represent a "pixel" or a "character" from the source input (which can be a text file, a surface, a sprite or an array of strings) and these instances will recreate the input in a room.
The asset is in two parts, where on the one hand we have the scripts and a single object, while on the other hand we have the demo, which acts like an IBIT Editor, permitting you to create and test effects, then save out the data for use in your projects.
The asset features are:
End User Licence Agreement (EULA).