Wizard tokens can be used for many things like Token shop restocks (one is happening right now!), vending machines and so on.

Using your tokens in the vending machines are usually the way to go. I've found you get more worth out of them that way.

If not using them to get stuff from the vending machines or the Token Shop, they also sell fairly quickly, and for a decent amount (2000 to 3000 sP per 1 point).

i like to use them for the pet zapper on Atebus and vending :D