Just a quick test trying to rig a realistic jellyfish and to texture it with Cinema 4D procedural textures...

For the top part (the "head"), i used a spline as a child of a cloner in radial mode with a loft NURBS as a parent of the cloner, where each point of the spline is linked to the position of a joint in a chain with the same shape as the spline, with the help of the hierarchy node inside Xpresso.
I enabled the IK and the dynamics for the joints of the chain so that when i move in a vertical way the first top join of the chain, the other children joints move with a natural way, as if they moved in water...
For the bottom part i just quickly modeled a bunch of tentacles and collapsed them into one object. I created a simple cylinder without caps and with enough subdivisions, converted it as an editable mesh, and added a cloth tag to it. I then used a belt tag to attach the first top loop of points of the cylinder to the first joint of the head so that, when the head move, the cylinder deforms in a natural way...
After that, i used a "surface deformer" as a child of my tentacles object, and picked the cloth cylinder as the surface. I then just choose "projection" as type, and clicked on "initialize".
The final step consist of creating a bunch of keyframes for giving the illusion that the jellyfish move toward the top and fall a few seconds after with a low gravity (like in water) : just add a few keyframes on the Y axis position of the first parent joint of the head chain... and voilà !

I just added the blueish ramp for the background with the 3D channel extraction, depth of field and fog directly inside AfterEffect, since i used the RPF file format for my rendered sequence in C4D (RPF extension allows you to record a bunch of 3d datas directly inside the file itself...).
Finally i used Optical flares and a free particles footage from VideoCopilot to achieve the organic look of the video.

Feel free to comment and thanks for watching !

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