For the uninitiated, the Oculus Rift is a virtual reality head gear which gives gamers an immersive gaming experience. The device is already being dubbed as a "game changer" by many analysts.

Oculus Rift provides gamers exciting stereoscopic 3D gaming experience allowing 110 degrees view diagonally; this makes the gamers feel that they are actually inside the game. There are tons of funny videos on the YouTube which show the reactions of the people trying the device.

Readers could be reminded of Michael Douglas from the movie "Disclosure," where he tries on a virtual reality headset to access the company library. The Oculus Rift however is designed specifically for gaming. But users are seen moving about and almost falling when they try the device, just like Michael Douglas in the movie.

Many in the industry swear by the device and offer support. Over 200 teams consisting of about 1000 people have submitted their games for the device. Popular games like Half-Life 2 are officially supported by Oculus Rift, with more games to follow.

The gaming industry could be taken by storm when the device hits the markets. The device has already got excellent reviews by the tech industry media. Games in the First person shooter and Role Playing Games genre could be particularly appealing on the Oculus Rift.

The device has not been released commercially but the developer version has been made available to the people who funded the project through Kickstarter. The company had raised about $2.4 million in funding from the crowd sourcing Web site.

The Irvine, California based company has also raised about $ 16 million from Spark Capital and Matrix Partners to fund the future growth of the company and help bring the Oculus Rift to the market.

The game is expected to be priced below $300 when it hits the market. The device is expected to hit the international market once the Oculus Rift 2.0 is ready for the launch. The U.S and South Korea seem poised to among the first to get the device.

Will the Oculus Rift be the game changer it is touted to be? How can the gaming industry giants adapt to the new device? Please give your comments below.