Chromebooks are mostly inexpensive devices, and as such we don't expect many of them to be able to do fancy things. They do tend to have cameras, though — they'd be pretty useless for video calling if they didn't. Every Chromebook comes with a rudimentary web app for the camera, similar to what you might see on Windows or MacOS machines.
Until now, the Chrome OS camera app has only been able to take photos, which is about as basic as it gets. The latest version (5.0.0) finally adds video recording. Open the app and you'll now see a video option next to the capture button.
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