NFTs, or nonfungible tokens, have grabbed headlines in the art world, most recently for cartoons of bored apes that celebrities like NBA star Stephen Curry and comedian Jimmy Fallon have shelled out thousands of dollars to own. But they remain a headache and a half for most lawyers, even those who have a firm grasp of the admittedly esoteric concept.

Now, a new application is picking up steam—NFTs for real estate. It's a an opportunity championed by startups such as Propy and Bacon Protocol. In May, Propy launched the first-ever real estate NFT, auctioning off a physical apartment. Bacon, on the other hand, specializes in minting mortgages and smart loans.