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Just like how the algorithm controls the videos on youtube and not the platform itself.

How can the price of NFT be set by the algorithm (from set of data that keeps changing).

The owner of NFT shouldn't be able to set the selling price but the algorithm determines the true value of the NFT from a set of data from oracle.

How can the above be achieved?

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Comparing NFTs and Youtube videos is like comparing apples to oranges. NFTs are based on a decentralised free market platform, whereas Youtube is a centralised ad-driven platform.

NFTs on their own do not hold any value unless there is some demand for them. Price is therefore set based on how much people are willing to pay for them.

You could come up with some price, but it would quickly get balanced through supply and demand, due to open market.

Also, Oracles get NFT prices based on current and past prices on different marketplaces, so creating such an algorithm would be obsolete.

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@Mr Velvet You would need to come up with your own algorithm, based on what inputs you intend to use from an oracle, and what sort of outputs you want based on the economic model you wish to implement.

I don't think this type of question will get you a lot of answers in stackoverflow. You would have better luck in implementing the algorithm and then getting help if you get stuck with errors, or have trouble connecting to an oracle, etc.

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  • Yes perfect what you said, develop your own algo. We're developing the algorithm which takes data from X, computes the data and comes up with a Value. I want the NFT Price to be set on the value generated by the algorithm. I just wanted to know if its possible?
    – Mr Velvet
    Jan 25, 2023 at 5:27
  • Yes if you're able to efficiently run your algorithms to compute a price that applies to all NFTs you could set the price as a storage variable and update it. If you want to automate the computation and setting of the NFT price at a fixed schedule you can use Chainlink Automation for that (docs.chain.link/chainlink-automation/introduction) Note: I work for CL so I am most familiar with CL services, but there are others too you could explore.
    – ZeusLawyer
    Jan 26, 2023 at 10:12

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