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In my basement workshop room, I did 1/2” OSB on the walls. This way I could hang almost anything anywhere, and easy if I ever need to take a panel down to get in the wall. Cost-wise it was a little cheaper than drywall (at least when I did it, not sure about prices now) and quicker since I didn’t have to do any mudding/taping. It was a little more effort to paint, since it soaks it right up, I think I did 2 coats of primer and 2 coats of semi gloss white.