YouTube recently rolled out the ability for creators to make clips from their YouTube videos - similar to the clipping function that has been available on Twitch for years.
Clips can be 60 seconds long can be created by pressing a new "Share Clip" button. From there, you will get a draggable timeline editor to make a clip, name it, and share it via a new URL.
Most live streams have the clipping feature enabled by default – particularly those in the gaming section.
Head over to YouTube and try it out for yourself!