Facebook-owned Oculus Rift is expensive. So, the company is planning to launch a cheaper model to take on HTC Vive and Samsung Gear VR.

The cheaper model will be called as HDK 2, however, it would have the same build and design of original Oculus Rift. HDK would have two higher-quality screens offering 2160 x 1200 resolution. With this resolution, the device will compete with HTC Vive and will carry a price tag of $399 (AU$ 539). It is expected to hit stores in July, as per Kotaku.

Sensics and gaming hardware company, Razer had created the OSVR program with an aim to create a single, open standard for VR hardware and software. Generally, companies create a product from many different companies which would all be interoperable. Users will have no problem in playing any game with any headset or controller.

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The new version is aimed as a cheaper alternative for the expensive VR headset that costs $599 (AU$ 809), while the HTC Vive costs $799 (AU$ 1080).

The OSVR has its own experience portal online and the HDK 2 will have games and software from the Steam Library. However, unlike Rift, the new model would not have its own controllers, the ordinary gamepad would do the work as it will be enough for many Rift games, notes The Verge.

Gamers can still use OSVR-compatible accessory such as Gloveone hand-tracking glove which will be launched at E3 this week.

HTC Vive offers 360-degree movement but the current Oculus Rift System has one camera that has a limited field of view. HDK 2 also has the similar camera.

Jeevan Aurol, product marketing manager of Razer said that the team is working on the room-scale VR, however, the release date is not yet known.

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Apart from this, 5million dollar has been announced by the company to fund for developing to support the platform. Aurol had implied that the fund can be utilized for anything that “showcases a kickass VR experience that would sell VR to the mainstream.”