In order to implement a reveal functionality, we are planning to use the setTokenURI or similar feature to update the image location to effectively be the reveal (i.e., the reveal will call this function and update the image from the pre-reveal image to the post-reveal image). Can we use this to also set metadata on the NFT whether or not it is revealed?
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yes! the setTokenUri method is fully flexible and you can use it anytime as the owner/admin of the contract.