Nokia on Tuesday presented the general public with a high tech virtual camera called OZO, which costs at least $60,000. This is the Finnish company's first major product outside its cell phone business.

The Verge reported that Nokia initially introduced OZO around four months ago. But it was only in the Los Angeles event that the company told the public its sales price. The price tag might be steep for amateur VR creators, but it is quite reasonable for a professional outfit. Those who would like to add a docking station for the Nokia VR camera will have to shell out an additional $1500.

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Nokia is also open to the idea of renting out OZO units to those who need one to shoot a particular VR film but cannot afford to buy one.

OZO is a virtual camera that can be the tool of choice for VR producers and artists who can afford to pay for it. This may be the next lucrative product for Nokia which has been struggling in the cell phone market for years.

Engadget described OZO as a sphere shaped camera equipped with eight camera lenses that enables it to record video in 360 degree angle. The OZO can record a maximum footage of 45 minutes or 500 GB. What makes OZO a revolutionary VR camera is the tremendous reduction of the processing time of a VR video. Film makers and directors will need a to use VR googlies to see what videos and audios the OZO has recorded in real time.

Nokia President Ramzi Haidamus told reporters that they first started the experimenting on the OZO two years ago. Back then, he claims he already knew that Nokia had found a niche product for an industry that it is still in its infancy.

Nokia has scheduled the first shipment of OZO for the first quarter of next year. Experts say the company couldn't have released this product at a better time. Numerous vendors are starting to roll out VR products and contents for consumers and its more likely that VR producers will find the OZO handy.

Interested buyers can now per-order the OZO by paying $5,000 to reserve a unit.

TagsNokia, OZO, VR Camera, Virtual Reality Camera, 360 Degree VR Camera, ramzi haidamus