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It is a 2D effect. It's just using some wild math to make it look like it's moving in perspective. Interior cubemaps/parallax mapping, lots of names and a few techniques for it, but it's all just a texture on the windows :) (some 1st floors may have an interior)
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It wouldn't need to be stereo, since it's camera relative, and there's a camera for each eye, so long as they're rending with the correct relative map, it will look correct. They're like, cubemaps you see from the outside-in instead of inside-out.
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Replying to and
We used them on a "web swinging" city demo we did back in like, 2017 or 2018, same concept being used there, just slightly better perf/lower density. Since there's no refraction (like water), you don't have to do anything special with them for VR.
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You can set different parts of the material to different depths with masks, I believe. Some of them use bump offsets, etc. Spider-Man (Sony PS4/5) first popularized the technique. You'll know it's just a texture if you leave and come back and it's a completely different room.
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