In this video, we introduce Dynamic Material Instances, wherein we can control Material parameters within a Class Blueprint. Note that this video combines both Material and Class Blueprint techniques.
A link to the wiki for further notes is available here - https://wiki.unrealengine.com/Materials_Tutorial:_Dynamic_Material_Instances,_Pt._1 (00:05) - Intro and Parameterized Materials (02:30) - Changing the Chair Cushion Color (05:12) - Adding a Box Component