Make Emoji:
In the album, click to open the Live photo you want to edit, then click

, and select
“Save as GIF meme”, choose to edit or add sticker as you wish, then go ahead to export.
Click the arrow to check the next step
If some social media such as Instagram, X, TikTok are temporarily unable to share GIF, you might try converting Live photos into videos to share the moments.
Make video:
In the album, click to open the Live photo you want to edit, then click

, and select
“Save as video”, choose to edit and click

to instantly share it.