Live Photos still operates this way, but in 2017 Apple added a few new video/photo effects and transitions to make more use of the technology. Once done, it selects the one image from that collection of frames that it thinks is the best.
It does this by capturing a few frames of video before and after you press the shutter button. Live Photos was originally designed as a way to ensure that you don't miss the perfect shot when you snap a photo on your iPhone. Here's how to use the Loop, Bounce and Long Exposure Live Photo effects and how to share them. They're called: Loop, Bounce and Long Exposure.
(Pocket-lint) - Apple introduced Live Photos way back in 2015, but the feature has come along way since it first arrived. Rather than just have the one standard effect, there are now a few different effects you can make use of in Apple's Photos app.