Metadata lets you set float-based values per voxel, by name. This data can then be passed into materials through vertex attributes (UVs or Vertex Color), and can be queried by name through C++ and Blueprint for gameplay purposes.
Stamps can write their own information into these named Metadata values. Graphs can be used to write complex values into Metadata.
Metadata can be passed into materials by configuring the Materials Channels settings on the Voxel World. A single Metadata attribute can be tied (by name) to a single channel of a vertex-attribute (Vertex Color or a UV).
The Metadata can then be accessed by getting those vertex attributes using the standard material nodes (VertexColor / TexCoord).