Tech firm launches virtual reality goggles with an eye on growth in booming sector

Chinese tech company LeTV Holdings Co Ltd launched its first virtual reality goggles on Wednesday, as it seeks to edge out rivals in a quickly growing sector that may be as big as the smartphone market.

Clamping a smartphone in front of a pair of lenses, the inexpensive Cool 1 reflects images to user's eyes to create a 360-degree digital environment. The goggles are priced at 149 yuan ($23), and are currently only compatible with LeTV's own smartphones.