A ‘token sale’ generally refers to fundraising mechanisms wherein issuers sell cryptoassets to buyers. Token sales can involve private placements to accredited investors and permissionless sales to the general public. The assets required to purchase cryptoassets in token sales vary by event and can range from fiat currencies, such as USD, to other cryptoassets, such as ETH. Common types of token sales include ICOs, IEOs, IDOs, private sales, and auctions. Further, SAFTs are considered token sales because they involve the transfer of ownership tokens in exchange for other assets, even if the actual distribution of said tokens occurs at a later date.