"We’ve been working really hard on the new Resource Pack system, and we think it’s at the point where we can finally push it live. This is a huge step forward for the future plugin API and will replace texture packs. Unfortunately, texture packs will no longer be supported but you can use this fancy tool to automatically convert them! Please report all issues about resource packs, and the snapshot in general, to our bug tracker!"- Mojang
The fancy tool is a converter to make texture packs into Resource packs! !
Hope this helped!