A revised in-app Facebook Camera powers the Facebook Stories. It's now positioned at the upper-left-hand corner of the News Feed while the Messenger icon was moved to the upper-right-hand corner. You can also swipe right to get to it. Facebook tricked out its new Camera with a suite of 3D and holographic effects, masks, filters, and frames that you can add to any photo or video you take...all of which sounds a lot like Snapchat.
You can then post those photos and videos as part of a threaded Story that self-destructs after 24 hours, onto your News Feed as you've been able to do before, or in a new feature called Direct -- which allows you to share photos and videos with specific friends. They're able to play the photos and videos exactly once before it gets erased forever...all of which sounds a lot like Snapchat.