Tutorial By: Saurabh Kanwar
Creating this effect seems timely given the amount of times I've seen it out in the wild. Know that this is an advanced C4D tutorial that requires Octane.
From the Instructor:
Wavy iridescent cloth animation using Cinema 4D, Octane and After Effects. This technique can be used to create super-quick daily renders with Baugasm style gradients or even using it as a motion graphic element in other projects.