/3/ - 3DCG

>>505740
Judging from a Youtube video of the game, I'd say both.
The "shadow" is just a circular blur (probably a flat plane geometry with alpha) under characters, and the texture on the character models has "occlusion" shadows painted on, such the the shadows of the arm which are on the sides of her dress, since her default pose is her arms by her side, and the shadow doesn't move when she lifts her hand or what not.