Motorola has just possibly revealed the price and release date of its highly anticipated accessory, the Motorola Moto 360 smart watch.

According to Tom's Guide, Motorola is holding a contest called "Moto 360 Design Faceoff." The contest allows users to design watch faces for the Moto 360 using a Photoshop template provided by Motorola, and the grand prize winner will get their very own Moto 360 smart watch. The rules of the contest revealed the dollar value of the Motorola Moto 360 smart watch at $249, which would most likely be its MSRP. Trusted reviews report that the device is set for a July 2014 release date. However, the release date and price confirmation will be officially announced during the Google IO 2014 event on June 25, 9:00 AM Pacific Time.

Scroll down for a sneek peek at the Moto 360 smart watch

Design and form factor

The Motorola Moto 360 smart watch is a beautifully designed piece of technology that has broken the mold of the traditional smart watch form factor. Other brand and models are usually designed to be rectangular in order to accommodate the standard shape of the display. The Moto 360 however, will use a round display which is a first among smart watches. This wouldn't be the first time that Motorola uses a round display on their products. The Motorola Aura, released on December 2008, was the first and only smartphone that featured a round display. Motorola has also done away with any plastic or rubber material on the watch's main body, and went for a more premium metallic look (photo). Like any standard watches, watch bands can be swapped with different designs and materials like metal, leather, and possibly silicone rubber. A small pinhole, found on the left corner of the watch, is most likely the microphone used for voice commands. On the right hosts a single physical button made to look like the ones found on regular watches. Sapphire mineral glass, instead of the usual Gorilla Glass, protects the display from bumps and scratches. Overall, if you look at the Moto 360's entire body design, it clearly does not show any type of charging port, hinting at the possibility of wireless charging.

Features and specifications

As reported by Tech Radar, the Moto 360 will have the following features:

-Round form factor OLED Touch Display protected with Sapphire Glass

-Wireless Charging

-Android Wear OS compatible with any Android Device Running on Android v4.3 or higher

-Bluetooth 4.0 Connectivity

-Water resistant design

-Google Voice commands

-Interchangeable watch bands

Video Credit to Motorola Mobility