Nokia will reportedly announce a virtual reality product on July 28

Nokia is set to hold a mysterious event on July 28, and according to a new report, the company may be gearing up to take its first step into the virtual reality space.

Details are extremely light, but the product is reportedly being developed by the Nokia Technologies team that stayed with the company after Microsoft purchased its phone business. From Re/Code:

The product to be shown next week comes from Nokia Technologies, the advanced product group left over when the Finnish company sold its phone business to Microsoft. The same unit is working to get back into the phone business next year via a licensing deal.

It's unclear what form a virtual reality offering from Nokia will take, but, if true, it would definitely be an interesting development. Since the Microsoft acquisition of Nokia's phone division, the company has only produced on product — the Android-powered Nokia N1 tablet. If it does enter the VR space, it will be joining a number of other companies, such as Oculus and HTC, in pursuing a market ripe for growth.

Source: Re/Code