This option is a work in progress - not all elements can be fully imported. Expect improved support in the future.
This Import Type imports the scene elements separately. This allows each element to be edited individually after import. This is ideal if you are finishing a scene that was started on a different machine or was created on a different V-Ray-supported platform. You can edit individual lights, geometry, materials, and more to complete the scene without needing to re-create everything from scratch.
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Large scenes will take some time to load, as V-Ray Scene is reading all the individual elements and importing them separately.