From the asset modal
Select the edit menu (three dots)
Select 'set as board thumbnail'
Select the board or boards you want the asset to be the board thumbnail
Select apply
From any gallery view
Hover over the preview of the asset you'd like to use as a thumbnail:
Select the edit menu (three dots)
Select 'set as board thumbnail'
Select the board or boards you want the asset to be the board thumbnail
Select apply