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FBX instances

Sorry if this a a very basic question. I have the same static mesh placed around the scene, and would like to only bring in one static mesh. Can I bring in a proxy object to keep the position of the static mesh placement in the world and then just replace them with the master mesh. It seems kinda a clunky workflow? Is there a better way to do this? Any advice would be great.

Sure can.

You can place your object and the replace it with whatever object you have in the browser by selecting it and use the replace arrow in the detail panel.

Or

Add the FBX source asset to the project folder and every time you update the source asset it updates the imported asset.