Now, we'll go into detail about how to save these settings as a Studio file, and a suggested folder structure.
With the prop or figure selected, you should check you are in the 'contents' tab, and hit the little plus button. You could also use the menu bar and select 'File/Save as...' but either way you want to choose 'Materials Preset'.

A brief caveat - in the 'surface' tab you should ensure that all possible material areas of your prop or figure are selected. This will ensure that all the surfaces are available to save in the final window.

Next you should decide, whether you are creating a product to sell or a DS material to use yourself later, where to save it.
If you are a vendor creating a product there are a couple of generally accepted folder structures - although do note that unlike Pose you are not limited to saving certain types of file in certain folders, i.e. poses in the Pose folder and materials in a 'Material' folder. *.DS, and *.DSB files will work from any folder within the ' C:\Program Files\DAZ\Studio\content' directory.
The options that might best work for a sellable product are:-

C:\Program Files\DAZ\Studio\content-

Materials\CompanyOrArtistName\ProductName\Filename.DS

or in the case of clothing for a particular model,

ModelName\Materials\CompanyOrArtistName
\ProductName\Filename.DS

In my personal opinion, saving files as a DS (Daz Script plain text) file is generally preferable to an encrypted DSB file as these tend to be more 'backwards compatible' and to those familiar with using a text editor to fiddle with poser files, might present some familiar terms when looked at closely.

After choosing your file name and folder structure, you will then be presented with a screen that lets you pick out which particular material settings you want to save.

Possibly seems a bit daunting at first glance, but under most circumstances you will want all those boxes ticked - or just click the radio button 'Record All'. Don't forget a small icon will save when you click 'Accept' based on the viewport image  - but that can always be replaced with a 91x91 render of your choice.
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