Setting parameter via Blueprint isn't working

Here is my level blueprint that is supposed to change a material’s color when a trigger is called.

And where do you assign this material to a mesh?

Yes. I assigned it to a mesh.

Show the material BP too

We do not see it in the image here, however. Judging by what’s happening now, you’re creating 2 dynamic material instances and store the references in variables. And then use a parameter to change the colour.

You’re not assigning the DMI to the mesh, though (last node):

Do you do it later later? If you do set it explicitly somehow later on, could you show us the material.

I’m trying to change the color of a instance of foliage of a tree.

Creating DMI does not automatically assign it to anything. The object starts with a base material, you can create DMI choosing the material as a parent but you still need to apply it. Otherwise it just takes up memory space and does nothing. Alternatively you can assign like this, same thing:

Ah, I see. How would I asign it to a certain foliage brush?