Walmart collaborated with LG to launch what could possibly the most affordable smartphone around. Just how affordable is the TracFone LG Prepaid Lucky LG16? The smartphone is available for just $10.

Well, $9.82 to be exact, according to Walmart's website.  A lot of people will be interested in the Lucky LG16 because it has a low price but that's not everything the smartphone has to offer. For starters, it covers the basics, featuring a 3.8-inch touchscreen display, 1.2 GHz dual-core processor and a 3MP rear camera.

What's a smartphone if it can't connect to the internet, right? Walmart and LG understand that everyone feels the need to be connected and so have included 3G and Wi-Fi capabilities, alongside Bluetooth v4.0 wireless technology in the Lucky LG16. Need your jams with you? The smartphone is also fitted with a built-in MP3 player.

Running on Android KitKat 4.4, the Lucky LG16 offers access to the Google Play Store to allow users to download whatever apps they need for work and play. With its storage expandable to up to 32GB, the smartphone guarantees that there'll be enough space for more than a handful of apps.

The Lucky LG16's capabilities will be enough to cover most day-to-day needs so it is great for anyone making the transition to their first smartphone or simply favor no-frills functionality more. Speaking of day-to-day needs, the smartphone is rated to offer up to 7.3 hours of talktime and last up to 9.9 days on standby.

Quick Fact: The Lucky LG16 features capabilities comparable to the first iPhone, the iPhone 3G. A lot of time may have passed between Apple releasing its first iPhone and today but isn't it amusing to think that what was considered top-of-the-line several years ago just covers the basics now.

Technology has come a long way, hasn't it? And it still has a long way to go. Given the success of the Lucky LG16 (the Walmart website has it listed as out of stock), maybe the retailer will come up with an even more affordable smartphone with even better specs down the line.