China is obsessed with VR, and Xiaomi is not about to be left behind.

The hardware giant revealed their first VR product on Thursday: a smartphone-enabled headset called Mi VR. True to Xiaomi style, the gadget is ridiculously cheap at 1 yuan a piece (about $0.20), but before you go scrounging through your spare change jar, it’s unfortunately only open to some several thousand pre-registered beta testers who were savvy enough to sign up last week.

It’s an exciting (and predictable) step from the device maker, which is rapidly diversifying their product line away from the smartphones amid sluggish sales.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com