What is difference between "object" and a "dynamic instance"?

In a graph…you can make a variable, and set it’s type to a Texture2D or a Material object and drag that into graph…
But you can also have Dynamic Instance object as a variable or in the graph.
So you could make a material variable and use that in the graph.
In this example you need a Dynamic Instance Material.
What is the difference between a regular “object” and a “dynamic instance of an object”?