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The Lasso tool has two major classifications namely Polygonal Lasso Tool and Magnetic Lasso Tool. The Magnetic Lasso Tool is used to highlight the edges of an image accurately like a magnetic pull. The shortcut key for the Lasso tool is L.
The image is cropped from the background layer. In short, it is called as an edge detection tool. It provides better results than that of the standard lasso tool that requires manual effort. Just check out the tutorial to learn how the Magnetic Lasso Tool works.