Token

A token is a digital asset that lives on someone else's blockchain. It's created by a smart contract that tracks who owns how many. Thousands of tokens run on Ethereum alone. A coin, by contrast, is the chain's own native currency.

Tokens can be almost anything: stablecoins pegged to the dollar, voting rights in a project, points in a game, or one-of-a-kind items called NFTs. Making a token takes minutes, which is why there are so many, and why most of them aren't worth much.