The Shared iCloud Photos Library is has been created by Apple because many users requested the ability to have a joint family photos library, one library with all the family photos where everyone can contribute to. Otherwise the Photos.app is strictly a single user app - limited to one user and can only be stored on locally mounted volumes.
Previously we only had the Shared albums pointed out by OT. There is one shortcoming, you should be aware of. Shared albums are not sharing the photos in the full resolution. They are creating copies of your photos, optimised for sharing. The photos will be downsized to 2048 pixels at the longest edge and some metadata will be removed for privacy reasons. This is perfect for showing off your photos, but not for transferring photos with all metadata and at the full resolution. Set up Shared Albums in iCloud on all your devices – Apple Support (UK)
And see the paragraph "File types that you can use in Shared Albums" in this support document: How to use Shared Albums in Photos on your iPhone, iPad and Mac – Apple Support (UK)
"When shared, photos are reduced to 2,048 pixels on the long edge, except panoramic photos, which can be up to 5,400 pixels wide. You can share GIFs that are 100 MB or smaller. ....
Videos can be up to fifteen minutes in length and are delivered at up to 720p resolution.
* You can't upload RAW photos to Shared Albums on your Windows PC.
Shared Albums upload a copy of your data. Downloaded content may not contain the same information as the original.
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