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How to Change Blendable Material Color

I have been having this issue, and after scouring the internet, no solution has worked. I was wondering if any of you would know how to fix this.
Screenshot (2).png

It is supposed to change the parameter on the material instance to a color. The colors are correct. The material, however, never changes from it’s default value in-game. Can someone please tell me what I’m doing wrong?
Thanks.