The Nokia Lumia 1020 specs has been released today at Nokia's 'Zoom Reinvented' event. The highly anticipated 41 megapixel camera phone is one of the hottest phones of the year, expected to compete with Samsung's Galaxy Zoom phone.

The event kicked off July 11 at 11a.m. and the highly anticipated Nokia Lumia 1020 made its debut.

Photos shown during the amazing show amazing clarity as Nokia's spokesperson takes fans through the phones' features.

The massive 41 megapixel phone is expected to be Nokia's flagship smartphone for this year.

Nokia posted a message on Twitter regarding the event:

"The Nokia Conversations team has arrived in New York, ready for this week's event, which takes place at 11am ET on Thursday. You'll be able to watch the event live, here on the Conversations site, but of course, we'll be following that up with in-depth details, interviews and features to give you all the information you need to know. In the meantime, look out for the yellow balloons over the course of this week and get your Twibbon on - customise your Twitter avatarto become part of the Team..."

Specs for the Nokia Lumia 1020 include 2 GB RAM, 32 GB storage, and a 4.5 inch AMOLED display (with 332ppi pixel density and 768x1280 rsolution) and will be available in black, white and yellow.

The phone will have a xenon-flash, a F/2.2 lens and 720p video shoot.

The Nokia Lumia 1020 is expected to run on the Windows 8 operating system.

Click here to watch the Nokia event via live stream.