I am currently trying out an iFFT approach for an Shader running on the GPU. The CPU is used to get the data in order to calculate buoyancy for some objects.
There are still many things missing (e.g. really dynamic crest foam based on the slope of a wave in the last few frames).
You can see first results here:
#1
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#2
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The ship isn’t mine and taken from GitHub project (nice model btw). And yeah, there are no animations.