Utility Token: Ensure that certain services on the blockchain network they are a part of can be accessed.
Security Token: Used for tokenization for financial purposes bonds, stocks, real estate, and other real-world assets.
Payment Token: Used as a form of payment for services both inside and outside the blockchain network. Almost all crypto tokens fall under this heading.
Non-fungible Token: To represent distinct identities for particular assets that are difficult to duplicate or copy.
Exchange Tokens: These are native to cryptocurrency exchange platforms and are used for platform-based activities.
Equity Token: It provides ownership in an underlying asset for investments, usually a companys shares.
Governance Token: Users may cast votes on proposals related to the blockchain network. Mostly helpful in decentralized platforms like DeFi-related products.