ENTITY MBINs describe the functionality attached to nodes in SCENEs and control various attributes such as health, damage effects, offering the player rewards and more. In a Unity GameObject, ENTITY MBINs add preexisting script actions to a SCENE.
In No Man's Sky there is a very large list of Properties that can be placed in ENTITY files.
For details on all the different Properties that can be put in the ENTITY file have a look at the full list.
It is always useful to have the structs for these properties handy when editing them so you know what type of value each Property requires.
One crucial Property for most ENTITY files to have is the TkPhysicsComponentData Property. This Property allows for the object to have collisions. Although having a TkPhysicsComponentData Property doesn't automatically give the associated SCENE node collisions, without it, the object will have no collisions whatsoever. Fortunately, this is handled automatically by the Model Importer, so if you create a custom model your auto-created ENTITY files will already have some basic physics data to provide your model collisions, but these may still need some adjustment.
There are two different Properties that can be put in an ENTITY file to make something interactive. The first provides more immediate interactions such as pressing a button and opening a crate, while the second creates dialogues that press you to make a choice to get a particular reward/outcome: