What is Token Sale?

A token sale is any sale of tokens conducted by a blockchain project. Token sales are usually conducted in three main funding rounds: first a private sale, then a pre-sale, and lastly a public sale. The Initial Coin Offering (ICO) is usually considered the public sale that allows smaller retail investors to participate, while private sales are usually reserved for large institutional investors such as venture capital (VC) firms to fund projects early on. Pre-sales fall in between and allow smaller institutions, family offices, high-net-worth individuals (HNWIs), and other investors to participate.