MSQRD, an app on both Android and iOS, allows people to make hilarious videos using animated masks on their videos using a very effective facial recognition technology.
The application by Masquerade Technology enjoyed some success in the Playstore (with 5000+ downloads) and in the AppStore.
Facebook states that the application will always be available and that it will integrate this new tool palette in its app.
The app is available for Android phones, iPhones and iPads.