How do I change a material instance?

I’m trying to set up a material where I can change each instance on the fly. Similar to the video about (3:30). I want to use a base material and then only change each instance on a mesh. Is this possible?

Yes it is possible to do that, I have attached a screenshot. Here the blueprint allows the user to change the static mesh and it assigns a new dynamic material instance whose properties can be changed per copy of the blueprint.