The highly anticipated Xbox One X, otherwise known as Project Scorpio, was finally unveiled yesterday. It’s a mint 1TB upgraded version of the Xbox One and contains the same port array as the Xbox One S. Scorpio comes in a sleek, black hardware, though it looks very similar to the white console in shape and design. Everybody from the #Microsoft team looked ecstatic; fans were beyond thrilled, so it took quite a while for its price tag to sink in.

Project Scorpio: A premium product

The Xbox One X will officially launch November 2017 worldwide, Xbox chief Phil Spencer announced himself. It will cost $499, which may have caused viewers to gasp upon its reveal at E3.

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However, Microsoft is headstrong on this one and says “it’s proud of the pricing.”

Shortly after the Xbox E3 press conference Sunday, Geoff Keighley had Xbox games marketing head Aaron #Greenberg join him for a chat, where they discussed the company’s current-gen game console. The host was quick to point out the not-so-friendly price, to which the exec responded: “We’re proud of the pricing.” Greenberg went on to describe that the Xbox One X is a “premium product” and that it will deliver a no-compromise, absolute 4K gaming experience.

To be fair, Microsoft did forewarn that the Scorpio will be one expensive product and that it cost way more than the Xbox One S. While $499 may be prohibitively expensive for some, it is in line with some predictions. Microsoft also offers the more affordable Xbox One S console geared for 1080p gaming.

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The cheaper system recently got a $50 price cut and retails for $250.

The two consoles share some similarities, though. Following the footsteps of the Xbox One S, the Xbox One X ditched the dedicated Kinect port. What’s there instead is an adapter that lets owners use the peripheral with one of the console’s USB ports and an extra external power supply.

Xbox Scorpio pre-orders

It is worth noting that the Xbox One X is not yet approved for sale by the FCC, which explains why there’s already a date of launch and a price but no green light on pre-orders. However, those keen on getting the Microsoft’s latest gaming system have the option to sign up on some major retailers so they can be informed when pre-orders are live via email.

As of this writing, Microsoft’s Alberto Penello has given a word that pre-orders will commence later this year, with the specific date yet to be announced in days to come. The Xbox One X will be available Nov. 7 worldwide.