This was a simulation test using Blender's standard cloth with the use of geometry nodes to generate dynamic pins on the mesh. These pins were generated by the geometry nodes based on a sequence of images created in After Effects, which I imported as a sequence in the 'image texture' node.
The fluid video in the background came from YouTube, just to add a little more charm to the scene.
Credits: https://www.youtube.com/watch?v=1MieluM0c6c