AMD:
If your gaming monitor has a variable refresh rate range of 48-144Hz, it will trigger
LFC (Low Framerate Compensation) once your FPS (Frames Per Second) rate hits
47FPS or less if you an AMD graphics card.
LFC multiplies your framerate in order to eliminate tearing even when your FPS dips below the monitor’s VRR range. For instance, at 47FPS, it gets tripled to 141Hz.
So, let’s say one second you have 48FPS, and therefore, 48Hz, and then, the next second, your FPS drops to 47FPS, and your refresh rate spikes up to 141Hz.
Because your monitor is brighter at higher refresh rates, brightness oscillates.
If your FPS is constantly around 48FPS, LFC rapidly goes on and off – thus causing brightness flickering.
NVIDIA:
When using FreeSync with a compatible NVIDIA graphics card via the G-SYNC Compatible mode, LFC behaves a bit differently than it does with AMD cards.
LFC gets triggered regardless of the monitor’s FreeSync range.
So, if your monitor has a 120-144Hz VRR range, and you’re getting 60FPS, the monitor’s refresh rate will change to 120Hz whereas with AMD cards, LFC wouldn’t work, and you’d get fixed 144Hz (or 60Hz if VSYNC is enabled).
Further, the LFC threshold is usually different when using an NVIDIA GPU. For instance, with many 48-144Hz FreeSync monitors, LFC kicks in at around 60FPS with NVIDIA cards!
Due to this, FPS fluctuations around the LFC threshold will cause the monitor to rapidly go up and down with refresh rates thus causing brightness flickering.