How digital assets will change the hotel and restaurant business

Although digital financial assets (DFAs) are already being used in the global HoReCa industry, interest in them is just beginning to form in Russia. Hotels are the first to experiment with tokenizing assets and attracting investments through digital tools. Restaurants, in turn, are using NFT for loyalty programs and exclusive content sales. So far, these are only pilot projects, mainly in the premium hotel segment and catering companies focused on international markets. However, with increasing trust in the DFA and the emergence of successful application examples, these technologies will begin to penetrate broader market segments.

DFA — a new trend for HoReCa

The HoReCa industry has traditionally developed through classic investments: real estate, franchises and direct investments. However, now Russian market participants are starting to take a closer look at digital assets. There are two reasons.

Firstly, there is a rapid development of DFA in other industries. The first issue of digital assets in Russia took place in June 2022 on the Lighthouse platform, where commercial debt purchased by VTB Factoring was tokenized. Since then, the market has been growing exponentially. In 2024, the volume of issues has already amounted to 550 billion rubles (seven times more than a year earlier). And the total volume of the Russian DFA market has reached 684 billion rubles, according to estimates of Sber. According to the Vice-president of the Russian Union of Industrialists and Entrepreneurs Alexander Murychev, who spoke at the St. Petersburg International Legal Forum 2025, 33% of entrepreneurs are actively studying asset digitalization, 41% are familiar with the topic and only 5% do not know anything about it.

Secondly, the international experience of using digital assets at HoReCa is inspiring. Now we can identify several key areas that are already showing the first results.

1. NFT programs

Tokenization of hotel facilities makes it possible to split property or future income from a hotel into digital tokens that can be sold to investors. This opens up access to commercial real estate investments to a wider range of participants, including retail investors. Investors receive not a share in the capital, but the right to dividends through smart contracts, as well as privileges such as participation in events, special living conditions, etc. For example, the company Azqira (Dubai) implements a large-scale tokenization project for boutique hotels. More than €100 million has already been attracted from 30 million investors, and there are about 30 hotels in the system. Azqira offers investment packages from €500 to €25 thousand. Singapore has a special blockchain platform for Staynex hotels, which tokenizes hotel rooms and accommodation packages, offering them as NFTs. Users can own the time of stay and resell it on the secondary market.

2. Loyalty tokens and NFT programs

Such tools are used by restaurants and hotels to increase engagement and reward loyal customers. They can provide exclusive access, cumulative bonuses, privileges, or even participation in events. For example, Burger King previously launched a tokenized program with the RobinHood blockchain platform. Loyalty program participants could win cryptocurrencies — Bitcoin, Ether, or Dogecoin — with purchases starting at $5. This stimulated digital interaction and the growth of the customer base. And in New York, a private club, the Flyfish Club, was opened, where the membership is issued through the purchase of NFT on the blockchain. Token holders receive unlimited access to an exclusive restaurant with several halls and unique culinary and cultural events.

3. Stablecoins and cryptopayments

Some hotels and restaurants already accept cryptocurrencies, including stablecoins— digital assets linked to a fiat currency (for example, USDT, USDC). This allows them to accept international payments without intermediaries and with minimal volatility. For example, The Kessler Collection hotel chain (USA) began accepting cryptocurrencies, which led to an increase in foreign visitors.

The first steps in Russia

Despite the traditionally conservative nature of the Russian HoReCa market, the first practical cases of DFA application are also emerging here. From pilot projects in real estate to tokenization of local coffee shops, the market is beginning to test cautiously new capital raising tools.

One of the first public examples is the release of DFA by the company “Tonnex Group” to secure real estate. The funds were raised for the construction of guest houses in the Redrikovy Gory Cottage Hotel. This is one of the first cases in Russia of issuing DFAs in the segment of suburban hotel infrastructure using a real asset as collateral. Another illustrative example is the private initiative of an entrepreneur Ilya Sotonin, the owner of the Papa Carlo coffee shop from Yekaterinburg. At the end of 2024, he launched an experiment on the release of DFA, the minimum entry threshold was only 1 thousand rubles, and the expected return is 25% per annum. All tokens were redeemed in a matter of days. In fact, it was a new generation of crowdfunding, where instead of souvenirs or bonuses, investors received digital bonds. So far, these are isolated initiatives, but they form a practice that may eventually develop into a steady trend. Especially in the presence of a regulated environment and growing trust from investors and customers.

Advantages of digital assets for HoReCa

DFAs open up new opportunities for businesses:

Global access: the opportunity to attract investments from international investors without complicated bureaucratic procedures. For example, an investor from Singapore can invest in a St. Petersburg boutique hotel — without visits, notaries and banking barriers. This is especially true for facilities aimed at an international audience. Deloitte predicts that by 2030, one in four major international money transfers will be carried out on tokenized currency platforms. This can reduce the cost of corporate cross-border transactions by 12.5%.
Fast liquidity: tokenized shares are easier to sell or assign. According to the Chainlink report, asset tokenization allows “bringing liquidity to traditionally illiquid assets” such as real estate and private equity by presenting them as digital tokens on the blockchain.
Lowering the entry threshold: splitting assets into small shares allows to attract more small investors. For example, instead of buying an entire restaurant building for millions of rubles, an investor will be able to purchase tokens in the amount of 100 thousand rubles or more, representing a share in this asset. Some platforms allow to invest in real estate for $50, attracting thousands of small investors.
Process automation: the use of smart contracts simplifies calculations, profit distribution and asset management. For example, a smart contract can automatically distribute dividends from a restaurant’s profits among token holders in proportion to their shares, eliminating the need for manual accounting and intermediaries. This reduces operational costs and error risks.
New customer loyalty: NFTs can create exclusive guest programs. For example, a restaurant may release a limited series of NFTs that provide owners with discounts on menus, priority table reservations, or access to private events such as tastings with a chef.
Transparency: blockchain enables more transparent control of investment processes. All transactions related to investments, payments, and profit sharing are recorded on the blockchain and cannot be changed retroactively. This excludes falsification of financial statements and fraud.

The market is beginning to appreciate all these advantages of DFA. In the next 3-5 years, we will see a wider use of NFT in loyalty programs: bonuses, membership clubs and exclusive access to events will cease to be a rarity. Perhaps we will have digital investment platforms for HoReCa, which will allow us to work without intermediaries and with automated reporting. Hybrid ownership models, where physical ownership is combined with digital rights, will also grow in popularity. The market will continue to evolve, and DFAs are designed to help this development.