Mun1

The net is the one that is referred to be the one that the gods of Norse mythology tried to use to catch Loki after his conspiring to kill Baldr with mistletoe through Baldr's brother Höðr, his preventing of his resurrection by disguising himself as a the giantess Þökk.[2]

Loki later flees to the mountains as the gods begin to hunt him down, after building a house with doors in all four sides so that he can see from it in all directions, he spends the rest of his time as a salmon. Loki later sat by a fire and considered how the gods might capture him, since he has spent a lot of his time as a fish, Loki began fashioning a fishing net that would be sufficient to snare him. However, after he finished, the other gods arrive. In haste, Loki threw the net into the fire and turned into a salmon. But the gods know of his form and took the net from the fire, and re-fashioned it, and later used it to capture it. Some accounts have Loki to be too clever to be captured by the net, and his capture as a salmon was only because Thor was fast enough to catch him with his bare hands.[2]

AppearanceEdit
The net looks like a combination of multiple wires, and around it, it glowed a mysterious orange. The wireframe can take on multiple forms such as a stealth fighter, and even handwriting

Loki's Net looks like multiple wires glowing orange. It can take any form if there is a need and match the enemy's speed to chase them. According to Marian, it is because the item needs only to seal off the escape of the enemies, similar to creating a doll that wards of the target of a curse. That is why it took the form of a stealth fighter to hunt down the HsB-07 aircraft, though it can be controlled to take other forms. It is unknown how Marian does this, though. It can be left alone to do hunt down enemies.[1]

Apparently, if an enemy object touches the net, it will be severed.[1] Although, it can be presumed that is still quite dangerous even before activation, as Marian needed to use her golden tongs to pick it up from its box.