How to make volumetric blood vfx?

I want to learn how to make vfx that look thick and liquidy like this:

But I am not really sure where to start, what techniques are used here? Is it a mesh with a shader applied or is it texture based?

My guess would be flipbook, so basically create it in a DCC tool with some kind of fluid simulation and render it out as a sequence of images.

But there might be other ways to do it.

Stumbled upon this great Siggraph talk which explains how it was done in Mortal Combat:

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