A crypto token is a virtual currency token or a denomination of a cryptocurrency. It represents a specific fungible and tradable asset or utility that resides on its own blockchain, and allows the holder to use it for investment or economic purposes.
Technically all cryptoassets can also be described as token. Two important definitions:
Any crypto other than BTC or ETH
Cryptoassets that run on top of another cryptocurrency’s blockchain.
A token may represent for example 10 hours of streaming content on a video sharing blockchain. Some types of tokens can be: NFT, Security tokens, DeFi tokens, Governance tokens.