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"Point-blank" is a term used by shooting game players to describe getting as close to an enemy as possible while shooting at them.
In most cases, this concentrates all of their firepower on a singular enemy, increasing the rate of damage dealt to the enemy, in exchange for putting themselves at greater risk of receiving damage from enemies, and dealing less damage to other enemies coming into the screen. Some games will directly reward you for this kind of aggressive play, such as Ketsui and its proximity chip scoring system, or DoDonPachi DaiFukkatsu and its Hyper Counter system, which allows you to quickly charge/recharge your Hyper Meter by point-blanking with your Laser / Hyper Laser.