A SAFT (Simple Agreement for Future Tokens) is an early-stage crypto financing instrument in which purchasers invest now in exchange for the right to receive tokens in the future if/when a network launches, often intended to structure the sale as an investment contract at the time of purchase. In token project fundraising, a SAFT is used to align capital raising with later token delivery, and SAFT terms are evaluated closely for securities law compliance and token economics implications.
