Facebook Camera Effects are – essentially – Snapchat filters for Facebook. Swipe left in the Facebook mobile app to bring up the camera. Click on the wand to bring up a selection of frames or 'augmented reality' 3D filters linked to brands and designers, which you can use to add funny effects to photos and videos – and then share them on Facebook (or save them to your phone for sharing on other networks).
So far, so Snapchat. But more interestingly you can create your own Camera Effects – which can be set as being from you personally, your Facebook Page or a client's. Filters with things like facial tracking and 3D AR elements – such as the one Facebook commissioned Hattie Stewart to create (shown here right) can be built using the AR Studio tool, which you need to sign up here and be approved by Facebook to use.
Simpler frames like the one shown on the left can be built using Facebooks' online Frame Studio tool, which is super simple to use – though as a new tool it does have some weird issues that you need to know about, and you do have to have your filters approved by Facebook if you want anyone apart from yourself to be able to use them. As with Snapchat filters, you can also limit how long they're available for and even lock them to specific locations – for example for a launch event or wedding.