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Phew, I was imagining a closet of drives. NAS is great.
Cold storage is always controversial as you are storing it on someone else's hardware, but it is by far the most cost-effective option. Just a single month's electricity cost in some places can match years of cold storage.
Using both of course is recommended, as cold storage acts as another backup vector in case your own storage ever gets catastrophic failure due to fire or flooding. 3-2-1 rule and all. But cost is always a factor in people using the best practices.