Nokia Lumia 710
The Nokia Lumia 710 smartphone was first seen at the Nokia World event in London. REUTERS/Paul Hackett

Nokia Lumia 710, the first phone powered by Microsoft's Windows Phone OS, has been released in the U.S. market via T-Mobile on Wednesday. Nokia is betting a lot on Lumia 710 as the Finnish mobile phone maker is desperate of regaining the market share it lost to major competitors such as Apple, Samsung, HTC and LG.

The phone debuts in black and white. And the icing on the cake is that it sports an affordable price tag - only $49.99 with a two-year contract (the customers should pay the full retail price of $99.99 at the time of purchase and then they will get a $50 mail-in rebate later).

If the smartphone is judged by its price, Lumia 710 would mistakenly be regarded as an entry-level device. However, a close look at the specs show otherwise.

The phone is powered by 1.4 GHz processor and boasts of 3.7-inch touchscreen, 5-MP camera, 512 MB RAM, and 8 GB internal storage. The slight curves, which fits snugly in the hand, adds to the brilliance of the handset.

Lumia 710 also features useful apps such as Nokia Drive, an offline GPS navigation system, which will be helpful for your travelling; and the ESPN Hub, which will deliver exclusive content only to Nokia phone users. Besides, Nokia has its own storefront, which is more attractive than Windows Phone's previous app presence.

And, let's not forget that Lumia 710 runs on Windows Phone OS, which is a well-designed platform. It gives Lumia 710 users access to many user services standard on the system, including Local Scout (helpful in finding out nearby restaurants, shops and more) and voice-controlled Bing search.

Can Nokia make or break with Lumia 710 this time? It's too early to tell. Let's wait and watch.