I saw this effect online and thought it was really cool and wanted to make it for myself. I couldnt really tell the method that they used but i tried breaking it down into some simple components which i could replicate myself.

As for gameplay I made it so that there was an impact effect on the shield and when it was hit by a bullet it there would be an impact spot but to really sell the impact i made a shake effect on the shield so that it would vibrate and you would get the visual feedback ingame to let the player know theyve hit something.

The first thing was the shield as thats the first thing that you see. it could tell they used a depth fade i paired that with a fresenel and contrast node to get the effect that you can see straight through it but the edges have an outline based on the area around them

The Second thing was that i wanted to have a pulsing effect with a strip that highlights a colour. The way i did this was that i took an texture of a strip of white on a black background and i animated which when multiplied with a colour and that other alphas that i was using allowed me to get this effect.

I also wanted every part of the shield to be customizable like the speed of the pulse the intesinity of the colours and how transparent the shield is. As it gives more control and because of the reusablity of it. you can change the vfx to fit maybe different characters or scenarios.