Since the past few days, LG has been building hype around its upcoming LG Velvet which replaces its G-lineup. Early rumors had claimed that the South Korean company will be announcing the smartphone on May 15. The company has released a new 15-second video on YouTube to confirm that the LG Velvet will be made official on May 7.

The teaser video yet again focuses on the design of the LG Velvet. It shows the raindrop camera setup of the smartphone along with its color variants. The May 7 launch date appears at the end of the video. It will be unveiled through online event that will be livestreamed through LG’s official YouTube and Facebook accounts. The event will start at 10 AM KST on the said date.

The LG Velvet will be available in colors like orange-red, gradient, green, black and white. The only thing that the company has officially revealed on its specifications is that it will come equipped with Snapdragon 765G chipset. Hence, it will be a 5G-ready smartphone.

The frontside of the phone has a waterdrop notch screen. It is speculated that the phone could be housing a 6.7-inch or 6.9-inch OLED screen with in-display fingerprint reader. It has a dedicated hardware key for accessing voice assistant and it also features a 3.5mm audio jack. The device may house a 4,000mAh battery and its rear camera setup could be led by a 48-megapixel lens.

LG said that the LG Velvet is a mass-market premium smartphone. It is rumored to be priced around 800,000 KRW (~$650). The sales of the smartphone are expected to begin by mid-May.