Virtual reality is on the rise, and it looks like another household name is set to make an entrance into the market — Nokia.

According to reports, Nokia will unveil its first major virtual reality offering at a VIP event in Los Angeles next week, representing the biggest hardware launch from the company since it sold its mobile device business to Microsoft in 2013.

Nokia did not comment on speculation, however, the move certainly makes sense. With a slew of other big name companies attempting to make an entrance into the virtual reality market, such as Samsung and HTC, Nokia will want to establish itself in the market early on.

The virtual reality product will come from Nokia Technologies, which is the Nokia that sold its mobile business to Microsoft and is attempting to get back into the phone market through licensing its designs and expertise to other companies. Some suggest the company will also release smartphones of its own running on Android. Last but not least is the mapping technology that Nokia has created, called Here, which is reportedly on the verge of being sold to Audi, BMW and Daimler.

To date, Nokia has only unveiled one other hardware product since 2013, the N1 tablet, which was only sold in China. The tablet runs on a modified version of Android, featuring Nokia's Z Launcher, which is also available in beta form from the Google Play Store for those interested.

Of course, entering the virtual reality market will put Nokia up against the likes of Oculus VR, which was acquired by Facebook in March 2014 for $2 billion. Oculus VR will release its first headset, the Oculus Rift, on an unspecified date in early 2016.

The move could also see Nokia make somewhat of an entrance into gaming, with virtual reality so far being largely tailored to gamers. Virtual reality has also become somewhat fragmented because of the different platforms involved. There are headsets for PC gamers, game consoles and mobile phones. Samsung's headset, for example, runs exclusively on two of its phones. Google cardboard is a VR headset that is simply a set of folding goggles, in which the user can place their smartphone to be used as the display.

Nokia has revealed very little about any plans to make waves in virtual reality, although Nokia CEO Rajeev Suri has talked about the company pursuing "immersive imaging."

Only time will tell exactly what Nokia's virtual reality offering looks like, but it's sure to be interesting.

Via: Re/Code