Yes, there is an X and Wayland wlroots (so no Gnome support ) implementation, but I have not managed to find the time to test and deploy it properly.

X11 & Wayland, but KDE only: https://github.com/catsout/wallpaper-engine-kde-plugin

Wayland Only: https://github.com/GhostNaN/mpvpaper

X11 Only: https://github.com/jtsiomb/xlivebg

Doesn’t VLC do live wallpapers? I’m pretty sure I tried something like this over a decade ago.

For Gnome there's the Hanabi extension.

https://www.youtube.com/watch?v=BWjXl4h9_BA