I've found that the default (and only) dynamic wallpaper in macOS Mojave Beta is in /Library/Desktop Pictures/. The file in question is called "Mojave (Dynamic).heic"
I imagine that the file itself is probably some sort of mapping/dictionary from time values to images, but I haven't been able to open it as any sort of image collection. Sure, I can open it with Preview, but it only shows one of the images.
I believe there has to be a way of creating custom wallpapers similar to this default one. The question is how to open such files properly (to see them as collections) and, more importantly, edit them?
I described here and here how dynamic wallpapers are built. Also I created simple console application which can help with creating custom wallpaper: https://github.com/mczachurski/wallpapper.