Owning your own custom contract allows you the freedom to manipulate the NFTs however and whenever you like.
For instance, you could create an NFT that changes based on the time of the day, or season of the year. As an example, Alpha Centauri Kid released “till death do us part” a piece which will change as long as he is alive. The Manifold contract allowed ACK turn the NFT into a dynamic living performance.
To update the metadata of your token simply go into your contract on Manifold Studio and click on the NFT that you want to update.
From there, make the relevant changes you want to make to the metadata and either "Update on Goerli" to test the update or "Update on mainnet" to update your token on mainnet.
You can change everything going from the file, to the description, properties, etc.
Be aware that updating your token on mainnet will have a small gas cost.