This video introduces using variables as part of Blueprints in Unreal. Variables are created using the Variables section of the My Blueprint panel when using the Blueprint Editors.
Variables have (at least) three properties: name, type, and if they are Instance Editable. The name of a variable is how it is referred to within the blueprint. Its type is one of the many built-in types (color-coded in Blueprints). Instance Editable is the equivalent of if the variable is public or not. If Instance Editable is set to true, the value of the variable can be edited by the Unreal Editor and potentially other blueprints.
By clicking and dragging a variable from the Variables section of the My Blueprint panel to a graph, the variable becomes a node. This allows the value of a variable to be connected by a wire to the input (left) or output (right) pins of other nodes in a graph.