Lasso Labs, a startup that helps users track the utility of their digital assets and NFTs, raised $4.2 million in seed funding in a round led by Electric Capital.
Why it matters: Lasso's mission is aimed at giving NFT owners better tools for keeping track of their digital assets and the perks that come with owning them.
How it works: Lasso’s platform takes in real-time data from on-chain and off-chain sources, determines instances of utility, and shares that info with users.
Details: Lasso is primarily focused on the ethereum blockchain today and tracks NFT projects with 10 ETH or more of trading volume.
The intrigue: The NFT market has largely collapsed over the last six months, with September trading volume falling 97% from all-time highs set in January, according to data from Dune Analytics.
Between the lines: Today, much of that so-called utility comes in the form of airdrops or giveaways of additional digital assets, and sometimes access to Discord servers or other community tools.
Of note: Other investors include Ethereal Ventures, Village Global, OpenSea, and Page One Ventures.
