Managing the Collection's Ownership
Each Collection must have an Extension. An Extension is an address that can be either a wallet or a Contract. Only the address specified in the Extension has minting power. If the ownership of a Collection is renounced, so are the minting rights, making it impossible to mint new items.
Regardless of the status of ownership (and thus the minting rights, it will always be possible to transfer or burn items.
NOTE: by default, ownership cannot be transferred, only renounced. For more complex behavior (i.e ownership transfer) you can implement custom logic via Smart Contract Extensions.
Via Hosting, it is possible to change the metadata of both a Collection and its children ITEMs. But as with minting, renouncing ownership will make changing metadata impossible.
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