Sony announced the change of name their game device from Project Morpheus to PlayStation VR as it enables players to feel like they are physically inside the game's virtual world. 

Sony has decided to change the name of its device Project Morpheus to PlayStation VR.  The announcement was made at the Tokyo Game Show tweeting out as well the news from the official PlayStation Twitter account, Wired reported.

The transition indicates that Sony is making adjustments to its marketing message around the hardware. It will soon jump from being an in-development technology that is usually played with by industry insiders, to a market-ready product that gamers hopefully buy. Project Morpheus could be more intriguing of the two nicknames, but PlayStation VR is accomplished to tag a clear label to what is finally still a niche technology.

Those who have followed Sony Computer Entertainment's (SCE) Project Morpheus virtual reality head-mounted display over the past year will know that the given name is only a placeholder.  It may not be the most surprising change of name, but SCE has explained why it is so, as reported by VRfocus.

"The name 'PlayStation VR' not only directly expresses an entirely new experience from PlayStation that allows players to feel as if they are physically inside the virtual world of a game, but it also reflects our hopes that we want our users to feel a sense of familiarity as they enjoy this amazing experience," as explained by the EVP, Division president of PS Product Business and VP, Software Design Division, Masayasu Ito.

Sony also proclaimed that it will reduce the price of PS4 in Japan to the equivalent of around £190.  The deal isn't extended to other markets yet but if so, the decision would be between buying a PS4 or an Xbox One a complete no-brainer.

PlayStation VR is scheduled to be released in the first half of 2016, with the final price and exact date still uncertain.  The kit prides a 1080p OLED display with a 120Hz refresh rate that is capable of 'reprojecting' experiences in 120fps.