Can we raise from equity tokens?

I am building something, say like a social network, for the consumer where they will use it. Now, I don't feel good raising from any VC because of their heinous nature,

Can I raise pre-seed funding for my startup via equity as tokens worth 1 lakhs- 5 lakhs for my own customers to purchase and minimum hold for 3 years as investment? (Given the value proposition and vision aligns with their customers)

Is this possible? Ofc. Yes.

Questions: Is this legal? If not, can it be made legal via some procedure like crowd funding? Unlike, ICO.