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Typically, these are offered by centralized cryptocurrency exchanges that store private keys on their servers, like Binance or Coinbase. For instance, if you purchase an NFT from the Binance marketplace, Binance will keep it in a custodial wallet for you.
It is simple to keep NFTs in custody wallets. Generally speaking, registering for the exchange is sufficient. All that's left to do is log in after that. If you lose your password, you can get it back by getting in touch with customer service. Compared to non-custodial wallets, this is a big advantage.
Lack of anonymity is one of their weaknesses. You are required to exchange personal papers, such as your passport, as part of the sign-up verification procedure.
Additionally, you have no control over your private keys. Your NFTs will only be secure as long as the third-party service that holds them is dependable.
Extra reading:
https://nftnewstoday.com/2022/09/01/custodial-vs-non-custodial-nfts/#:~:text=Custodial%20NFT%20wallets,custodial%20wallet%20provided%20by%20Binance.
https://cointelegraph.com/explained/custodial-vs-non-custodial-nfts-key-differences
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