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How can we read program logs and instruction data for a specific program transactions for instance I want to keep track of all the transaction which happened for a particular NFT collection.

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Your best bet is to fetch all past transactions involving the mint, and then subscribe to transactions from a program or account that can change.

To fetch the past transactions, the process is:

To subscribe to new transactions, you can use programSubscribe to see all transactions from a particular program, e.g. the Metaplex Program https://docs.solana.com/developing/clients/jsonrpc-api#programsubscribe

Otherwise, you can also subscribe to changes to a metadata or collection using accountSubscribe https://docs.solana.com/developing/clients/jsonrpc-api#accountsubscribe

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