Yes, you can import your iPhoto library into Photos app for Mac. It is compatible with Photos app and can be imported effortlessly into the Photos app on mac. When you first launch Photos app on Mac, it will either automatically convert your iPhoto library or it will ask you to choose which library would you like to import.
You can easily import your iPhoto Library into Photos app, but you can not convert it. So whenever you want, you can open your library in iPhoto or Aperture. If you edit photos or do anything in iPhoto with that library, it won't save to the Photos app.
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