While the Oculus Rift has been stealing the VR spotlight as of late, the PlayStation 4's Project Morpheus is getting getting closer and closer to its official release.

The Wall Street Journal reports that Sony's development of Project Morpheus virtual reality headset is providing excellent results. As the world gasped at Facebook buying Oculus VR for $2 billion, Sony has been steadily working on its own VR headset, and it's getting closer to completion. The 2014 Tokyo Game Show marked the first time Sony allowed the public to try out Project Morpheus overseas. One of the playable Project Morpheus demos at the show featured deep-sea exploration gameplay.

Shuhei Yoshida, President of Sony's Worldwide Studios and leader of the Project Morpheus development team, mentioned that the headset's controls have multiple sensors that integrate with the PlayStation 4's light bar and controller while providing surround sound effects. While he declined speaking about a possible launch window or price range for the headset, he did mention his team has finished roughly 85 percent of the work needed to finalize the product for consumer release.

“With the Morpheus and PlayStation 4, we can offer them a totally new virtual reality experience in a lighthearted and fun manner,” Yoshida said. "The 3-D virtual world might allow teachers to show students objects in a way that isn’t possible through textbooks or tablets."

For the sake of comparison, developer test-kits for the Oculus Rift currently cost $350, but the consumer model will likely be offered at a more competitive price point. Particularly if there are more VR headsets on the market.

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