Sony has finally given a name to its virtual reality (VR) headset intended for PlayStation. Unveiled in 2014 under the codename "Project Morpheus," the device has finally been officially branded as PlayStation VR.

The PlayStation VR is set to be released in the first half of 2016, as confirmed by Andrew House, president and CEO of Sony Computer Entertainment, in an interview with Bloomberg last Thursday at the Tokyo Game Show.

In addition, House revealed that the device will be priced just like a new gaming device.

Although the statement did not give out specific pricing details, it suggests that it could carry the price the same as other game consoles like Xbox One or PS4. If that's the case, PlayStation VR would be priced somewhere around $300 to $400, as noted in GameSpot.

The CEO also gave details of the possible game titles that will accompany the launch of VR.

During the game event, the company offered 10 game titles that are compatible with the VR headset. There were also game demos, which include Sony's "RIGS: Machine Combat League" and "Final Fantasy XIV," as reported by Bloomberg.

When PlayStation VR goes on sale next year, it will be competing against VR headsets from Facebook (Occulus Rift) and HTC (HTC Vive).

Meanwhile, Katharine Byrne of ExpertReviews was able to get her hands on Sony's new VR headset. It has a 5.7-inch OLED display with 1920 x 1080 resolution and a 100-degree field of view, as stated in her report.

The device was also described as lightweight; one would hardly notice that the device is mounted on the head. Adding to that is the fact that the device boasts of a 120Hz refresh rate that allows the user to immerse in his virtual surroundings.

The refresh rate for PlayStation VR is higher than those of its rivals so it's expected that the former offers smoother visuals.

A specific release date for Sony's PlayStation VR has yet to be announced.