Foldable devices have been making news for a couple of years now. Initial reports suggested that such a device would be announced in January 2016. Now, a new report from South Korea said Samsung’s foldable phone, internally referred as “Project Valley,” will hit the store shelves sometime next year.

According to ET News, Samsung will start mass-producing foldable OLED displays sometime towards the second half of 2016 and the release timeframe is expected to be next year.

As for specifications, the same report said the upcoming foldable smartphone will come with a 5-inch folded-display. Upon unfolding the device, it can be converted into a 7.0-inch tablet.

GSM Arena, citing past rumors, suggested that the South Korean tech giant has tested the foldable phone with both Snapdragon 620 and Snapdragon 820 onboard. The Project Valley smartphone will apparently come housed with 3 GB of RAM configuration.

At this point, Samsung already has a working prototype complete with a foldable display. This will apparently be used as a base to develop the final product.

In general, industry sees a lot of potential in foldable displays and VR headsets. While VR has started making inroads, foldable display technology is considered as the next-big-thing.

It’s a known fact that smartphone market is getting saturated. We already have devices with 4 GB of RAM and the new devices earmarked for late 2016 will apparently come with 6 GB onboard.

Even the “edge” display, introduced by Samsung, has been around for two years now. Google’s modular concept phone “Project Ara” stood out from the rest, but the project has been postponed.

Needless to say, smartphone market is banking on foldable smartphones to strike gold and also to bring the glorious tech market back to where it rightly belongs.