Thank you so much for your kind reply but the problem for me is that, I have 3 levels i.e Level1, Level2 and Level3. For eg: I have 3 cones in all the 3 levels. On event begin play, it should show the buttons Level1, Level2 and Level3, and the 3 cones. If I click the 1st cone, it should show the material Widget (Say M1, M2 buttons) and the M1 material should change for that 1st cone. If I click the 2nd cone, it should show the material Widget (Say M1, M2 buttons) and the M1 material should change for that 2nd cone, etc…
For each object, the material should change separately. After changing the material for each object, if I click Level2, it should go to the 2nd level.
The solution which you suggested is changing for all the 3 cones together.
I have attached an output window here: