Impossible to do accurately/fairly. If you are in UW and an ecto drops for a hero, you get an option to buy it from the hero at the Rare Material Trader price? But what if a monster drops a 15^50, req 8 Fellblade? Do you pay the Merchant price of 200-500g? Or do you pay the stack(s) of ecto the market may be offering? How about collector drops Nick is asking for? Say he wants Alpine Seeds which sell to the Merchant for 8g. But they don't have a lot of drop locations and don't drop that often. So the player market is selling them for 500g-1k. Which price do you buy them from your hero for?
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For the weapons/sheilds/foci, they pay twice or maybe thrice the merchant value. (If the system can identify the commons from rares, it would be that whites and blues are double the merchant price. Purples, golds, and greens will be triple.) The gold gets sucked out of the 'economy' and the user can get what he/she/it wants. It also prevents the items from crashing too drastically in the user market. Truthfully though, since all the weapons max out in pretty much the same way (except for the rare req8's) and there are reqs to help balance the game, I couldn't give a damn about what the users are selling the the different skins for.
As for the trophy items, probably four or five times the merchant price. The more trophies in existance means that there would be more of Nic's gifts in existance. To balance that, they'd have to nerf the odds of getting something rare, and/or to add some sort of coding that checks which item Nic is currently asking for and base a higher price on that. Truthfully, I'd rather let anet set the price formula (they know the drop odds better than us) and not based on what users deem as 'fair'.