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T V K Apoorva – Bored ape yacht club NFT

T V K Apoorva, supervised by Dr. Ankit Gangwal received her Master of Science – Dual Degree in  Computer Science and Engineering (CSE). Here’s a summary of her research work on A study on layer 2 blockchain protocols and the market manipulations in the bored ape yacht club NFT collection:

The research conducted in this thesis explores two interconnected areas within the realm of blockchain technology and its applications. The first work focuses on a comprehensive survey of Layer-2 scaling solutions for blockchain networks, while the second work investigates market manipulation within the Bored Ape Yacht Club (BAYC) NFT collection, the most traded NFT collection over the past year. These works provide valuable insights into the challenges, advancements, and potential risks associated with blockchain technology. In the survey of Layer-2 scaling, various solutions are examined to address the scalability limitations of blockchain networks. State channels, sidechains, cross chains, and other techniques are explored, highlighting their performance, temporal requirements, security and privacy issues, network issues such as routing, rebalancing, all the attacks they are vulnerable to and more. The research provides an overview of their principles, technical implementations, and use cases, contributing to the knowledge base for selecting appropriate scaling mechanisms. The investigation into market manipulation in the BAYC NFT collection reveals tactics employed by malicious actors to artificially inflate prices and deceive market participants. Additionally, the research collects various statistics to offer a better understanding of the collection’s activity and explores the strategies employed by manipulators to achieve high profits. The research encompasses a total of 211,314 transfers within the BAYC collection of 10,000 Bored Apes, with the total value of all tokens amounting to 474,905 ETH or approximately 830 million USD at the time of writing. By analysing the network of transfers and cycles, the research provides insights into the dynamics of the market and the potential impact of manipulative practices on token values. Overall, the research conducted in this thesis provides valuable insights into two interconnected areas: Layer-2 scaling solutions for blockchain networks and market manipulation within the BAYC NFT collection. The survey of Layer-2 scaling solutions explores various approaches to address blockchain scalability, while the investigation into market manipulation identifies tactics used to artificially inflate prices and deceive participants, unearthing what actually happens under the hood of one of the most traded NFT collections of all time. These findings contribute to the broader understanding of blockchain technology, inform decision-making processes, and highlight the importance of responsible practices within the NFT market. Moving forward, there is a need for continued research and refinement in both areas. Layer-2 scaling solutions are evolving rapidly, necessitating ongoing exploration and improvement. Similarly, the nascent NFT market requires continued scrutiny to address issues related to regulation, authenticity, fair market practices, and the identification of manipulative wallets. By building upon the findings presented in this thesis, the blockchain ecosystem can continue to grow, become more secure, and fulfil its potential for societal impact.

July 2023