Today during a special Game Developers Conference presentation in San Francisco, Sony announced a new PlayStation 4 virtual reality initiative that the company hopes will "push the game industry forward."

The head-mounted display prototype is currently called Project Morpheus. It is "by no means" the final prototype, Sony president of Worldwide Studios Shuhei Yoshida said. Sony will continue to improve the device over time, he said.

"Nothing elevates the level of immersion better than VR," Yoshida added.

The current Project Morpheus devkit includes the following functionality:

• 1080p display
• 90+ degree field of view
• 100hz tracking
• 3 meter working volume
• Full 360 degrees
• Supports forward prediction
• Works if you wear glasses
• Current iteration is wired
• DualShock 4 and PS Move detection with same camera
• Fully adjustable
• It's name is not reference to The Matrix, but rather the Greek God of Dreams
• Supports custom headphones and wireless headsets

Of course, Sony's Morpheus device will compete with Oculus Rift. Yoshida said Sony has "nothing but respect" for what that device has achieved so far. He also congratulated Valve on their own efforts in the virtual reality space.