Those are acoustic panels: https://resonics.co.uk/what-acoustic-panels-do/
https://www.soundonsound.com/sound-advice/beginners-guide-acoustic-treatment
Sound is vibrations. Those absorb sound and cause bounced vibrations to scatter. In a regular room if you make a loud sound, you’ll hear it reverberate. If you put up blankets and pillows and other soft materials on the wall (an inexpensive substitute) they absorb the sound.
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