The board does not always look like this: occasionally the nearby capacitors aren't present. Also, Pin 4 is the 4th pin from the L on the bottom. This is the side closest to where the cartridge loads, also, the writing on the chip should be right-side up. Please note this is a console, not a game cartridge.
Fix your blinking! Play unlicensed games! Easiest way to disable the lock-out chip. You take a small screwdriver, get behind the pin and push it out. Usually they don't fly like this one did!
Most guides will recommend a razor blade or pliers, but the pins are so small that those tools can be awkward to use effectively in this situation. This is a great NES game console hack so you can play unlicensed games on the retro console.