How can I do this simple material effect where materials flash indicating interaction (Video attached)

Development Programming & Scripting Blueprint
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1

I would like to know how I could define a material that has the same effect that it has on bottles, where if they are on the ground they blink at a certain intensity (indicating interaction) and when they are in my player’s hand, they stop blinking.

2

You can use material overlays for this

3

This! Thank you very much.