If it's unlicensed, that's what we call 3rd party though, isn't it? But I get your point. I wonder why they use the real names of the characters/people in their posts though.
This may be TL;DR read status but since you asked...
You’re confusing the two in their respective naming. Mostly b/c custom figure artists seem to not consider what they make as unlicensed figures, but as the name implies, a piece of limited edition custom artwork. They hate if you call their stuff unlicensed and 3rd party
Yes, that Por Toys figure is unlicensed, but it’s a limited run of a custom figure done by individual artists not a full on company like the others I’ve mentioned made for a relatively small group of ppl. You have to get on a list to be able to get one of their figures, which usually have a fairly high deposit instead of ordering from an online retailer with a small ~$30 deposit like you can with 3rd party figures. Custom artists use the actor and/or character names b/c these are considered as art pieces and not factory manufactured “toys.” Most artists these days will also included a COA card with their signature and an edition size printed or written on it. You’re also usually paying for top of the line sculpting, casting/printing, painting, tailoring and accessories.
Think of it as if you commissioned some random artist who didn’t actually work for DC/Marvel to make you a painting of Superman, Iron Man, Batman etc. They don’t have a deal with those comic companies to make the painting they are selling you, but it’s considered art so no one really bats an eye, even if you're selling it without the actual license to produce said artwork. They aren’t going to get sued by those companies just b/c they created some art.
A 3rd party figure made by any of the companies I listed above (and many more) can be bought at most online retailers and are produced in a factory in large numbers. Also, as most of us know, their quality can be hit or miss a lot of the time. As a lot of ppl will say, you’re not getting HT quality with 3rd Party figures usually. Whereas with custom items, you're usually getting much higher quality, sometimes even better than HT.
It’s a weird line b/c 3rd party figures are considered to be infringing on the copyright due to how they are manufactured and in the large quantities they are. Yet, custom figures aren’t b/c they are considered limited edition hand made art pieces commissioned by one or a small group of ppl. It's murky water even though technically both are using licenses they didn't rightfully obtain to produce an item in exchange for money.
If I put together a 1 off figure of a character for my own enjoyment, then that’s considered a custom figure and I’m not hurting anyone. Even if I put together a few more for some “friends” for a fee, it’s usually still fine. But if I take that one off to a factory for them to reproduce in 100s or 1000s of quantity, now I’m in unlicensed figure territory where if I use the real actor names and movie imagery I could get in some legal trouble with the license holders if they really want to come after me.
We also have to remember that the legal system works differently overseas so they’re also able to get away with this sort of stuff and have been for a long time. You just change the name, make your own graphics for the box designs, don’t put any major company logos and you’re usually fine.
Maybe I over explained, but I hope that helps with the distinction between the two a little more, at least in the way it’s viewed in the community. I, for one, feel that custom figures
are unlicensed items made by a group of 3rd party ppl (individual artists), but the artists and/or customers of those pieces usually get all bent out of shape if you say that
I think it has to do with 3rd Party usually being associated with lower quality items and that sometimes, those 3rd Party companies "steal" artists work to try to the reproduce at a factory level.