Internet of Things (IoT) technology is a fundamental infrastructure for information transmission and integration in smart city implementations to achieve effective fine-grained city management, efficient operations, and improved life quality of citizens. Smart-city IoT systems usually involve high volume and variety of information circulation. The information lifecycle also involves many parties, stakeholders, and entities such as individuals, businesses, and government agencies with their own objectives which needed to be incentivized properly. As such, recent studies have modeled smart-city IoT systems as a market, where information is treated as a commodity by market participants. In this work, we first present a general information-centric system architecture to analyze smart-city IoT systems. We then discuss features of market-oriented approaches in IoT, including market incentive, IoT service pattern, information freshness, and social impacts. System design chanlenges and related work are also reviewed. Finally, we optimize information trading in smart-city IoT systems, considering direct and indirect network externalities in a social domain.