Sony has given an official name to the much-anticipated Project Morpheus: the PlayStation VR. The virtual reality goggles from the Japanese company is slated for a Q1 2016 release.

Project Morpheus or the PlayStation VR is Sony's attempt to compete in the emerging virtual reality market. Facebook has the Oculus Rift, Valve has the SteamVR/HTC Vive and Microsoft has the HoloLens.

One disappointing fact, however, is that the Project Morpheus/PlayStation VR could possibly cost up to £350. Sony Computer Entertainment CEO Andrew House said that it will prices "as a new gaming platform."

It could be a daunting figure at first. It's like buying another PlayStation 4. However, it is considerably cheaper than the Oculus Rift. Facebook's VR machine will cost the user up to $1500 for a complete set up as it would need a very powerful computer to run.

Sony's Project Morpheus/PlayStation VR is expected to be launched in 2016. Alphr reported that hardware R&D engineer Dennis Castleman said that the actual hardware development of the PlayStation VR is finished.

If it is already finished, then why not release it immediately? Sony is still waiting for the developers for finished games and other applications. What use will the Project Morpheus or the PlayStation VR have if there are no games to play?

Sony seems to be betting big on their PlayStation VR device. It would make sense as the social network giant Facebook is also launching the Oculus Rift next year.

House told Bloomberg: "VR rewrites the rule book on how you can create games."

The Project Morpheus or the PlayStation VR will feature full positional tracking. This allows the device to sense where the user is in real time. In other words, the player will be able to experience a full 360-degree view of the virtual environment.

Players can still use the standard Dualshock gamepad. However, Sony has been marketing the device with the PlayStation Move, according to IT Pro.

Sony has been focusing on the new Project Morpheus/PlayStation VR. The company didn't even launch or announce a new PlayStation console this year. It would seem that the VR device will be its new video game product for next year.