• Xiaomi introduces its very own VR headset.

Xiaomi introduces its very own VR headset. (Photo : Getty Images)

China's rapidly growing tech company Xiaomi has just launched its very own VR headset called Mi VR Play and beta testers will be able to get it for only 1 yuan.

Being the first ever Virtual Reality device to come to market with a price tag of about $0.15, Xiaomi is now receiving as much as 1 million of registrants for the beta testing program since it was announced on August 1, per a report from CNBC.

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According to MiUi, the new VR headset comes with the same perks as others and boasts a number of lightweight, ultra-comfortable Lycra.

It has textured metal buttons that allow easy control over the smartphone linked to the VR as well as a non-reflective aspheric lens that is added for optimum viewing clarity.

What is quite interesting about this Chinese-made VR headset is that it users can change its skin with "a selection of bold prints and colors" that would fit any lifestyle the user may have. Styles available include denim, leopard print, floral, and van Gogh's "Starry Night," according to a report from The Verge.

This new VR device is powered by a smartphone with a screen size between 4.7 and 5.7 inches and can be secured in the headset with a zipper instead of a plastic housing that is typical for other brands of virtual reality headsets.

According to CNBC, Xiaomi is now considered as "China's Apple" because of its apparent success as a smartphone manufacturer.

Products made by the company have almost the same quality and efficiency as other leading brands with significantly cheaper price tags.

In terms of the VR market, almost every tech company is still in the infancy stage though Xiaomi might gain a sturdier foothold in the market thanks to its reputation to provide quality product at a lower cost considering that Samsung's GearVR is sold for $100 while Google's Cardboard headset with a $15 price tag.