There's not much else to go on at the moment but Valve do say it will offer "a high fidelity, next generation VR experience". However, it is quite possible the company will reveal the headset during Valve's GDC 2017 booth next week. This will place LG as direct rival to HTC, who had in the past teamed up with Valve to create the HTC Vive VR headset.
This will be LG's second attempt at penetrating the virtual reality market. Built using SteamVR tracking technology and using the OpenVR platform, the headset will likely compete directly with the Vive and Rift headsets. Also, LG has experimented with VR in the past - like when it launched the 360 VR headset for LG G5 flagship.
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Given that the game developer's goal is to get third-party developers to use its SteamVR Tracking technology, it should be expected that more VR devices will come out. We do not have any relationship with manufacturers, and all product choices are made by our editors, themselves. That means it could implement all sorts of forward-thinking technologies, like inside-out tracking, foveated rendering, and improved resolution and field of view, a little like Qualcomm's upcoming mobile VR headset.
An estimated 500 companies since then had signed on to work with SteamVR and LG is one of them. In a short statement sent to media outlets, Valve said that details regarding pricing, release dates, and territorial availability of the headset will be announced at some point in the future.