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In Maya, a project folder is a centralized location that stores all the necessary files for a 3D modeling and animation project, such as scene files, textures, and images. This organization offers several benefits. First, it streamlines the workflow by keeping all project-related files together, preventing confusion and wasted time searching. Second, it facilitates collaboration by ensuring all artists are working with the same, up-to-date assets. Finally, it simplifies project archiving and backing up as all essential files are readily available in one place.