Filling shapes with transparency gradients in PowerPoint is a way to create beautiful overlay effects.

1. First, select the shape you want to edit. Right-click the shape and choose Format Shape.
2. This opens up the format pane. In the Fill category, choose Gradient Fill and gradient options will be shown.
3. Select a Gradient Stop and click on the color square to pick a color. Then adjust the color opacity with the Transparency slider.
4. Repeat the same steps for the other Gradient Stop. Use transparent gradients in several overlapped shapes to achieve a beautiful effect. 

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