Hi Ben,
Let me know if the text model, the process of creating the “chunks” are in question as well. There are plug ins available for that. (Thrausi or Xplode for example)
If I had to do such an effect, I would answer as I have written it here in the forum often: it is mainly in the combination of some steps: mainly camera-move and edit!
Here is a file that I have created for you:
https://www.amazon.com/clouddrive/share/tZKL_Ogg7vGge56rOpuGgqUy7bxJEj5Y5Cry5Dus8Uw?ref_=cd_share_link_copy_flash
It works like PBlurb, there is no real morph, just a confusing transition and no real “morph”, at least when I screen captured it [your link] and explored it frame by frame.
Here is my answer: It is merged in the edit. Supported by motion and the resulting motion-blur. I will call the objects in the following ONE and TWO, according to my file above.
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First have the text shuttered [both], and then move the chunks [of ONE] in one direction toward the next text [TWO]. Perhaps use a random Effector to mess up the chunks a little bit.
Have a next text [TWO] shuttered toward the previous text [ONE]. To do that, cache it and Offset the cache frame wise. Check the file to see what I have in mind [MoGraph Cache>Tag>Offset]
Create a camera move that would go from the first text dynamically to the second, only to have the second in the same “framing” as the first one. Compare the two cameras. Again, render ONE separate from TWO, and perhaps both, so you can easily mix them in Premiere, AfterEffects or FCPX, Avid, Nuke, etc.
Render those and use motion blur (in C4D or in Post—in post perhaps Real Smart Motion Blur [Re:VisionFX] and set the parameter during the “morph” part higher than before. (Have always an Object Buffer or Alpha for each pass)
Find a frame of both clips (same time) where the chunks are not really differentiable and where the motion is pretty fast. There perhaps set a little “cross dissolve”
The background stays the same, so the idea of continuity is given, and the “magic” is support in that way. Additionally, the use of flare supports that as well. A s the old Cinematography rule is, the eye is where movement of light is, so blinking lights are highly manipulative. Check out both cameras, to see how it works already!
In the Project Settings, set the Gravity to 0, as the we need a mixed Gravity here ;o)
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Other than that, perhaps go to my YouTube channel and check out the “Photography for 3D Artist” trailer (is on the top), there I really morphed the tube like font! ;o)
https://www.youtube.com/c/drsassil
This was done with splines dragged in to the Pose Morph, really messy set up, as no point correspond to the previous model, but it works.
All the best