First, you’d need to select the text you want to apply WordArt formatting to.
Then you click the Drawing Tools Format tab and click the Quick Styles button.
A new WordArt Quick Styles window will appear.
Select the desired style and apply the changes. You can adjust the appearance later so don’t worry if none of the gallery choices fits exactly in your design.
You can play with other controls under the same tab. For example you can set Text Fill to fill by a given color using simple color fill or gradient. Also you can fill a picture, a texture or a pattern.
This is great if you need to create text paragraphs that wraps around other shapes or areas as well as making 3D text in powerpoint. This tutorial explained how to fancy Text with WordArt in powerpoint.