Mabe its just me but in UE5 VR Template I had a lot of issues following the tutorial. The teleport circle isn’t a material. Its a Niagara Component.
To add it to your project:
In your build.cs file add Niagra to it.
PublicDependencyModuleNames.AddRange(new string[] { "Core", "CoreUObject", "Engine", "InputCore", "Niagara" });
Instead of having a UStaticMesh for your teleportation marker make it UNiagaraComponent. You might need to create a new Character blueprint if you can’t see the details.