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GProgrammer said:

http://www.quickturnduplication.com/html/blu-ray-duplication-prices.php

Here you see @ 10,000 copies BR 25GB are 75 cents per disc

Can anyone find the cheapest blank card?

Here is an Ars-Technica article that I was referring to (well, actually I was thinking of a diffrent article about the same sales report, but this is the one I found) making reference to Macronix selling 32GB ROMs to Nintendo at BD price.

https://arstechnica.com/gaming/2016/05/why-nintendo-nxs-rumored-shift-from-discs-to-cartridges-is-actually-smart/

Macronix has manufactured the chips for Nintendos carts since the DS. It is unlikely much more cosz is added with the plastic shell, because higher capacity Switch carts don't have a pcb (probably to save on ecactly those costs...) but have the pins directly on the chip itself.

I think due to NAND shortage they ended up selling the 32GB capacity at a slightly higher price. 16GB is likely at or extremely close to BD pricing, wich is why it's a commonly used cart size. Even with the competition for NAND on the market (wich, macronix is just getting into) it is highly unlikely that prices would have gone up so much that even 8GB carts are more expensive then BD now, let alone 4 GB.

Capcom is being cheap and anti-consumer is all.