How it works
The primary tools (Apply Effects and Save Effects) are created on the pptX Effects Library tool bar. Both menus show the categories and effects of the currrently loaded library.
To apply an effect, select the shape(s) you would like to apply an effect to, and click on Apply Effects > Select Category > Select Effect to Apply. The shapes you had selected now have the same custom animations settings as were saved to the selected Effect.
To Save Effects to the library, select the shape with the effects you want to save (single shape only), and click on Save Effects > Select Category (or New Category) > Select an Effect to Overwrite or New Effect to create a new one.
If you had multiple animations attached to the shape (for example a Fade, a Fly-in, then Exit Effects like Fade Out and Zoom Out), all animations will be saved with this effect and applied, by selecting that effect from the Apply Effects Menu.