It's a smart material, so it should import as a smart material. I just tested it from this download and had no issues. I tried both just drag and drop the .spsm into my materials panel and select where I want to import it (current session, project, or shelf), and I tried importing it through the resource import dialogue and it works both ways. Hope you're able to figure it out!
This is what I get when I try to import this material
[Data Preset] Invalid preset Pearl
[Resource Import] "D:/My Shyt/Substance/Pearl.spsm" cannot be imported as 'smartmaterial'.
Smartmaterial is the only option that I am allowed when I import.
I am having the same problem as eHard4.
My apologies for the difficulty folks. I've uploaded a new version of the file, and it's now pending approval. Hope that helps!
This is the new version, hopefully the previous issue is fixed.
having the same problem as eHard4, with the material file downloaded just now (version 2). Using SP version 2017.3.3
also getting the same message as eHard, yodrab and cecukemon. hope this gets fixed soon, it looks like a beautiful material!
I'm trying to diagnose, but my apologies as I haven't been able to uncover the issue yet. Is it possible you need to have the Iridescence filter linked above already imported?