The artist used Houdini's FLIP Solver to achieve a convincing result.
ArchViz and Houdini Artist Vu Pham has demonstrated a fantastic water FX simulation with a speeding boat traveling across it. The simulation features convincing the water surface itself, waves, mist, and gigantic splashes created by the boat. According to the artist, this is only a WiP demonstration and the project will be further refined down the line. The video demonstration, attached above, shows the simulation itself and look dev shader on mist, spray, and ocean waves
The project's description states that the simulation was set up in Houdini. Specifically, the author used Houdini's FLIP Solver dynamics node, the software's amazing tool that acts as a hybrid between particle-based and volume-based fluid simulations. Additionally, the artist used Adobe After Effects and Arnold for rendering.
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