Users can add animated text and graphics to pictures or video snippets before sharing them.
"Facebook doesn't yet have an answer to Snapchat's killer "lens" selfie face effects," the report added.
Earlier, Facebook announced that users can soon go live from the face-swapping MSQRD app and utilise different Snapchat-like masks and filters while the video is running.
Facebook first acquired Masquerade, the Belarusian startup behind MSQRD back in March.
Available later this year, the feature will help users invite a friend to "drop in" on a live broadcast.
Facebook will also let you schedule a live broadcast and has built a lobby system so people can hangout before one starts.
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