Have a look at this outstanding fizzy water simulation made by 3D Designer Max Schwugier in just a couple of weeks. Created using Cinema 4D and Houdini, the carbonated liquid looks incredibly realistic and features tons of details, such as caustics and bubbles that explode into a myriad of smaller particles upon reaching the water surface, which make the project hard to distinguish from a simple real-life video. The simulation was rendered using Redshift on an RTX 3090 GPU at 15 minutes per frame, meaning it took the artist around 50 hours to fully render the project.
And here are some work-in-progress materials shared by Max:
