At 2.6 pence per pixel including controller, that is not bad value.
Individual LEDs can be had for about 1p each in 1000 pcs. You then need a PCB and controller.
The embeddedadventures panel is composed of 8x8 LED panels. For 50pcs of 8x8 you can pay around 75p each, which is also around 1.1p per LED, so you may as well buy 8x8 panels.
That would leave about £1 for controller chips and PCB for each 8x8 panel. Even if you price construction time as 0.00/hr, it would be hard to beat 2.6p/pixel, I think.
Then there is also debugging time and writing code to add, which ea provide already.
Unless you can get some really great bulk prices, or can think of a clever way to control 64 LEDs for 50p, I think the ea panel is looking like the best option.
I will add another criteria: only cost of components & shipping counts. Labour/time soldering, constructing and programming are free, as this would be a hobby rather than commercial venture.
If you put 8 of those onto a 38x76mm PCB, you would need 8 PCBs to make a 64x64. ITeadStudio will do 10pcs for $15, plus a bit for shipping. Then add 2x138, 4x595.
If I got my sums right, that's about ~£40. Overall size about 15x15cm.
I looked at using SMD Leds, 1000 off 0603 for £7.50, but that works out more expensive than an 8x8 module, and 4096 0603's would be a challenge. Maybe doable with a toaster oven
We can also throw MAX7219 (36p each, 10pcs ebay) and TLC5940 (53p each, 10 pcs ebay) in to the mix... at which point my brain becomes full and there are almost too many possibilities to consider.
So... I am wondering what the solution to the challenge was ?
I have an approx price in mind, but the cheapest solutions so far are still a ways above it. I could afford it but its an interesting challenge to think how low a hobby design could go.