Thanks to XDA member _miha_ and their development of WebLiveWallpaper you can now set content that is on the internet as your live wallpaper. It is a free app and have many practical uses such as watching a streaming feed from your home security camera to a ski resort to watch the weather conditions.
The app allows for you to set the following as backgrounds:
And had many more uses as it can connect to internet streams. As quoted from the OP, it does the following:
I always wanted a real live wallpaper displaying something from the web instead of just a picture or offline animation. For me it is really useful because I can keep an eye on my favourite webcam over the day and decide to go there if the conditions stay or improve. A lot of other use cases should be possible …