WABetaInfo reported that the feature is available in version 0.3.2041 of the service.
"WhatsApp has finally submitted a new update for the web platform, giving the possibility to use the Picture in Picture feature for videos hosted on YouTube, Facebook, Instagram, and Streamable," stated the report.
To use the feature, you must send or receive a message that contains a link to a video from one of the platforms mentioned above.
WhatsApp will show a preview of the video and allow you to switch from the chat without closing the picture-in-picture video while it plays.