A token sale, also known as an initial coin offering (ICO), is a process in which a newly issued digital currency or crypto-coin is sold to investors in exchange for established cryptocurrencies such as Bitcoin or Ethereum. The tokens are essentially pre-paid access to a particular service or product, and can be thought of as an alternative form of crowdfunding for blockchain projects. Investors purchase the tokens with the hope that their value will increase over time, allowing them to sell them at a profit later on.