Favorites is a personalized list and can only be accessed by signed-in users. With the context menu (hover over an content item) you can (un)mark an item as favorite.
You can deep link directly to this list e.g. https://yourserver/favorites.
You can even share your favorites list. Therefor you need to enable sharing in your personal settings. If you enable this feature, other users can visit you favorites page. However, they will only see items they have access to. So if anonymous users (not signed in) would visit your favorites page, they would only see videos that have anonymous access enabled.
The link to your favorites is based on your username or email address (depending of your server configuration) e.g.
A working sample: https://videocms.presentations2go.eu/favorites/admin