The project is created by Mykhailo Moroz.

Mykhailo Moroz, Lead 3D Research Engineer at ZibraAI, has presented a new cool GPU particle-based curtain simulation made in VRChat. He used texture particle buffer and fragment shader-based physics to make the simulation. There are also two cameras to capture the scene depth from up/down for collision. The creator is also planning to use a mesh for rendering later.

If you like the effect, you should definitely take a look at other works from Mykhailo, like this real-time water simulation: