I got the following error while trying to alter a column's data type and setting a new default value:
ALTER TABLE foobar_data ALTER COLUMN col VARCHAR(255) NOT NULL SET DEFAULT '{}';
ERROR 1064 (42000): You have an error in your SQL syntax; check the manual that corresponds to your MySQL server version for the right syntax to use near 'VARCHAR(255) NOT NULL SET DEFAULT '{}'' at line 1
ALTER TABLE foobar_data MODIFY COLUMN col VARCHAR(255) NOT NULL DEFAULT '{}';
A second possibility which does the same (thanks to juergen_d):
ALTER TABLE foobar_data CHANGE COLUMN col col VARCHAR(255) NOT NULL DEFAULT '{}';