Of course, Facebook already has a number of apps for sharing photos and videos, including Instagram's filter-covered snapshots and recently extended video clips. Sure, folks are still posting loads of stuff to the social channel daily, but reports indicate that original content like status updates and other personal sharing is on the decline. Facebook maintains the amount of sharing being done in your News Feed is at "similar to levels in prior years."

The folks in Menlo Park have been continually adding reminders to inspire you to share more of that original stuff. Last spring, the "On This Day" feature rolled out to help you relive some of those (hopefully) happy memories to inspire you to post some new ones. Facebook has also taken note of the popularity of Snapchat's features, nabbing face-swapping photo app MSQRD last month to boost its stable of photographic software.

WSJ's sources say that there's a chance this new app will never be released, but the move would make sense for Facebook, especially if sharing really is on the decline. Of course, if it doesn't take hold, the company has no problem pulling it from app stores.