This is a procedural lens flare effect inside Godot 4.6.3. It uses the Godot glsl shader that creates halo effects from it's origin, which mimics a real life lens flare effect of a camera. I know it's not perfect but it gets the job done in the easiest way.

If you have basic understanding of how Godot code works, you can make several cool unique effects using this procedural lens flare shader. You should see the scene from -Z axis. I have implemented a fade system where the lens flare is only visible from the front. And Front in Godot is -Z axis. So the Lens flare Halos will only be shown if the Sprite3D is seen from -Z axis view. I have put a toggle in the shader by the name, angular_fade to fix this issue.

The version of Godot I'm using is Godot 4.6.3. If you are on a previous version of Godot, it can work there but I haven't tested it. Please let me know if you experience some bugs.