Nothing terribly grand that is material (8)
I believe the answer is:
organdie
'material' is the definition.
(organdie is a kind of material)
'nothing terribly grand that is' is the wordplay.
'nothing' becomes 'o' (looks like zero - 0).
'terribly' indicates an anagram.
'that is' becomes 'ie' ('i.e.' can be a synonym of 'that is').
'grand' with letters rearranged gives 'rgand'.
'o'+'rgand'+'ie'='ORGANDIE'
(Other definitions for organdie that I've seen before include "Fine stiffened translucent fabric" , "Oddly ignored a fine cotton muslin" , "I groaned about translucent fabric" , "Badly ignored a fine cotton muslin" , "I raged on about the fabric" .)