How to create thumbnail from material?

Hi all,

Let’s say I want to change the material of an object during gameplay.
Before I change the material, I can choose from 2 options.

I want the 2 options to be displayed on the HUD.
Is there a way I can display a preview of a material (or even just the Base color channel) without doing it manually?

You can use a plane with the material applied to it.

You could also take a screenshot of the material preview window with the sphere, then cut out the sphere in photoshop so it has an alpha mask (if you have a lot of materials you could set up a batch action to do this for you in photoshop)