Transparency effects
The NeoGeo video hardware only supports 1-bit transparency: a pixel is either opaque or transparent.
Developers had to come up with ways of faking semi-transparency with different methods like fast blinking (often used for shadows), or only having one out of two pixels drawn.
Blinking can appear buggy in emulators if frameskip is necessary.
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1-of-2 pixel trick in Breakers
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Blinking sprite in Fatal Fury 3 - Road to the Final Victory (slowed down)
