So first, the good news for those who may be scared. The video is fake in that you cannot use Wan 2.2 Animate to generate live stream...at least not yet. Live video generation is not possible due to extensive GPU generation requirements and you aren't going to see someone using this for an interview.
Although I haven't tried it and I haven't had a chance to play with it yet, the hand waving trick isn't going to be a surefire test. This isn't an AI filter in the sense that people are used to (where hand waving makes it fall apart), this is a brand new video being generated using a main video and a reference image.
Wan 2.2 Animate is popular right now as it is open source and can be installed and used on a good consumer PC. You can actually try a demo for free for now at this huggingface link (and download the model for your own use).
https://huggingface.co/spaces/Wan-AI/Wan2.2-Animate
You can see some of the guys at ComfyUI test it out here in a more complicated workflow and what is possible (image, video, masking, openpose for movement). It's extremely powerful in doing complicated deepfakes.
But it's not ready for live stream...like at all - the video is insinuating this is possible. For what I know, the Wan Animate version is also limited by 12ish second generation limit (it can generate very close versions if you stitch videos, but you can spot the shifts).
Wan 2.5 preview is already out, should hopefully be open source once the final version is reason, and comes very close to Veo 3 in quality and includes audio (and in some ways is better). At the moment it's too powerful for consumer use (can be run by api for now), but quantized versions are expected should it get open source and Wan 2.5 Animate shouldn't be too far off after since it's now a thing.
So while streaming using this is not possible (I consider streaming as being live, like an interview), an undiscernible deepfake video turning your previously streamed video into a pretty girl (just as shown in the demo) is now possible and can be done by anyone.