Material Editor > Standard material > Anisotropic, Blinn, Metal, Multi-Layer, Oren-Nayar-Blinn, or Phong Basic Parameters rollout > Opacity group (unlabeled)
Opacity controls whether a material is opaque, transparent, or translucent. (A more physically accurate way to generate translucency is to use the Translucent shader.)
To reduce a material's opacity:
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Change Opacity to a value less than 100%.
The material becomes more transparent. An object that is fully transparent (0% Opacity) is nearly invisible except for the light it reflects (the specular highlights).
To preview transparency in the sample slots, view the sample object against a background. Click the checkered Background button to the right of the sample slots.
Transparent materials render more realistically when you turn on 2-Sided in the material's Shader Basic Parameters.
Opacity—Sets the opacity/transparency of the material as a percentage. The effect is best previewed against a pattern background in the sample slot. You can control opacity falloff in the Extended Parameters.
Click the map button to assign a map to the opacity component. See Opacity Mapping. This button is a shortcut: you can also assign opacity mapping in the Maps rollout.