According to an exclusive report by Variety, Google will be introducing the first ever virtual reality headset based on the Daydream VR platform at the company's upcoming Oct. 4 event, as claimed by multiple sources.

Google announced Daydream at the Google I/O conference earlier this year as a new virtual reality platform that will utilize the Android mobile operating system. It was then also revealed that several smartphone manufacturers, including Samsung, HTC, LG and Xiaomi will be developing smartphones that will be compatible with Daydream right out of the box.

The first virtual reality headset to be built on the platform, which is meant to be used with the upcoming Pixel and Pixel XL smartphones that will headline the Oct. 4 event, will come with a price tag as low as $79, said a source of Variety who is familiar with the impending announcement.

The device will be manufactured by HTC, the same company that Google is said to have tapped for the production of the Pixel and Pixel XL. It will allow Daydream-compatible smartphones to switch into VR mode once inserted, similar to how the Gear VR headset of Samsung works in conjunction with supported Samsung smartphones.

Similar to the Gear VR, Daydream will utilize the screens of smartphones as the display. However, unlike the Gear VR, it will not be using touch pads for navigation, and will instead come with a controller that functions similarly to the motion-based controllers of video game consoles such as those for the Nintendo Wii and the PlayStation Move.

The Daydream VR headset will not feature the positional tracking technology found in high-end VR systems such as the HTC Vive, but it could draw consumers looking for a cheaper way to get into the virtual reality game. The Oculus Rift and the HTC Vive come with premium price tags of $600 to $800, in addition to the powerful PC that is required to support them, while the smartphone-based Gear VR sells for $99.

With a price tag as low as $79, the first Daydream VR headset could prove to be a hit in the upcoming holiday shopping season, with the device to possibly ship out within the month.

Exact details on the device will not be known until Google makes the official announcement at the Oct. 4 event though, which will be starting very soon.

Other announcements that Google is said to be making at the event include a $129 Wi-Fi router, the Amazon Echo challenger Google Home, the Chromecast Ultra, a Huawei-made 7-inch tablet, the Pixel 3 laptop and the merged Android/Chrome OS platform Andromeda.

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