Lasso Labs Raises $4.2M for Digital Asset Platform, Launches Beta on Ethereum

Jethro Sandico

Oct. 07, 2022

Digital asset platform Lasso Labs raised $4.2 million in a funding round led by blockchain-focused venture capital firm Electric Capital. The company also announced a beta release of their product on the Ethereum blockchain.

Other investors that backed the project include Ethereal Ventures, Open Sea, Page One Ventures, and Village Global. 

Individuals who supported the funding round also include Andreessen Horowitz partner investor Sriram Krisnan. They are joined by CoinTracker Co-Founder Chandan Lodha, and Syndicate Protocol Co-Founder Will Papper, to name a few. Additionally, leaders from Coinbase, Google, and Phantom, among others, also participated in the project’s bankrolling.

“We’re particularly bullish about NFTs that provide holders with ongoing value across digital, physical, and hybrid contexts,” Lasso Labs Co-Founder Nathaniel Naddaff-Hafrey wrote in a statement. “This design space is vast: encompassing online & IRL access, claims on products, airdrops, community memberships, and rights such as governance, IP, and royalties.”

Beta Launch

Along with the fundraise, Lasso Labs also announced an exclusive beta program on Ethereum for their initial product. According to the company, the invite-only beta will showcase a “discovery platform.” The said platform will provide users “real-time view of any access, offers, rights, or other opportunities” connected to some Non-Fungible Token (NFT) projects.

“We’re focused on establishing Lasso as the best place to discover and interact with programmable digital assets: beyond speculation to deep engagement with the functionality provided by any NFT,” Naddaff-Hafrey added.

The company is slated to broaden access to the platform’s beta over the coming weeks, while adding more functionalities. Moreover, the team is also tinkering with the idea of supporting other blockchain ecosystems outside Ethereum.

NFTs and Utility

When NFTs exploded into mainstream consciousness in 2020, the market was flooded with countless Profile Picture (PFP) projects. The scene was led by Azuki, Bored Aped Yacht Club, CryptoPunks, and Doodles, to name a few. The general public was quick to dismiss the NFT phenomenon as merely overhyped JPEGs.

NFTs would eventually gain more utility due to its ability to provide verifiable ownership. What started as art collections, now possesses more real world utility. Even popular brands like Starbucks, are now using NFTs and Web3 technology. On September 12, the coffee chain unveiled the “Starbucks Odyssey Project.” The new offering aims to provide better experiences for their loyal customers.

The biggest beneficiary of NFTs capabilities however, are Web3 games. Known under many names such as GameFi, Play-to-Earn, crypto games, etc, NFTs offer gamers the chance to truly own their digital assets. Whether it’s a weapon from medieval game Eldarune, or a spacecraft from space strategy project Imperium Empires, NFTs are clearly pushing the limits of utility. 

About Lasso

Lasso aims to provide a space for collectors to “discover and interact” with programmable digital assets and benefit from their utilities. The platform offers owners with efficient tools for managing their digital assets, as well as useful data from on-chain and off-chain sources. Such analytics can deliver valuable insight into the existing NFT projects and their communities.

According to Lasso Labs, the company has indexed over 10,000 NFTs, including their corresponding off-chain data. Additionally, over 70% of the Top 500 projects on the Ethereum network have already provided token-based benefits to their respective communities.

Furthermore, Lasso plans to build a platform that grants users with easy control over processes such as “airdrops, mints, product clams, content exclusives, event RSVPs, voting, and many more.”