Thursday The Hobbit: An Unexpected Journey was announced as 1 of 10 films that is on the shortlist of 10 films to potentially compete for the Best Visual Effects Oscar. The Oscar is the highest film award in Hollywood and considered a huge achievement to even be nominated.
The 10 films: The Amazing Spider-Man, Cloud Atlas, The Dark Knight Rises, The Hobbit: An Unexpected Journey, John Carter, Life of Pi, The Avengers, Prometheus, Skyfall and Snow White & the Huntsman
The visual effects branch of the Academy will have a "bake-off" on January 3rd where they can view a 10 minute reel for each film that highlights the movies visual effects. From that, the branch will vote on who the five finalists are which will be announced on January 10, 2013. At that point the entire Academy will be able to vote on who will win the Best Visual Effects Oscar which will be announced during the 85th ACademy Awards presentation on February 24, 2013.