Token may generally refer to any cryptoasset. More specifically, tokens are also used to refer to cryptoassets created from smart contracts, as opposed to cryptoassets or 'coins' native to blockchains like Bitcoin.
Tokens can vary in type and function. Two such kinds of tokens are fungible tokens, such as ERC-20s, and non-fungible tokens (NFTs), such as ERC-721s. Tokens may also vary in utility, which may include 'money', 'contribution', 'membership', 'commodity', 'governance', 'dividend', 'asset ownership', and 'signaling'.