The original material doesn't work because the diffuse texture was too small to upload. Because the asset is tiny and uniform in color, it doesn't really need a texture file, just a color provided by the "mhmat" file--I suggest deleting the original and renaming this one to the original name, "lip_piercing_silver.mhmat". (You can if you like keep both--a web search for the original filename, "Silver_full.png", will turn up several versions of the file-it'll give you a darker look than what I've done here.)