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Can you substitute the material component for Fabricate with Blood Money

i.e. creating an adamantite longsword out of nothing... except some blood ;)

In our group we are discussing Fabricate and the time it takes with this spell to create a valuable item (i.e. Master Work Weapon or Armor).

Do you substitue the whole crafting process with one casting of Fabricate?

or

Do you substitute one week of mundane crafting with one casting?