GIFs are becoming quite popular. You no need to have any extra tools to view GIF files. On most of the forums, GIF images are also enables to allow users to set as profile pic which is cool. We people always like animates/movable things rather than static one. So don't you think it will be great if we can convert the part of video into GIF format? Yes you can do this now. By considering these requirements, YouTube has launched this feature to fulfill your need. Take a look on it.
Obviously, this is something YouTube users will love. It’s also going to challenge other apps and services that create GIFs from YouTube videos. The good thing is that for now they can still compete on length and quality of the GIF and so long as the feature hasn’t been rolled out for all videos, popular GIF making services can up their game.