LG's 'high-end' Velvet smartphone will debut at an online event on May 7

What you need to know

• LG will be taking the wraps off its new Velvet smartphone at an online event on May 7.
• The phone will come with an all-new design with a "Raindrop" rear camera setup.
• It is expected to feature Qualcomm's Snapdragon 765G chipset and 5G connectivity.

LG recently showed off the design of its upcoming Velvet smartphone, which is expected to be a follow-up to last year's G8. The company has now announced that the "premium" phone will be unveiled at an online event on May 7. LG says the Velvet launch event will be streamed on the company's official YouTube channel and Facebook page at 10 AM KST (9 AM ET on May 6) on May 7.

Along with confirming the phone's launch date, LG has also released a new video showcasing its design. The video shows off the phone's "Raindrop" triple-camera setup, with the three cameras arranged in descending order by their size. Additionally, the video highlights the four color options that the Velvet will be offered in: Aurora Gray, Aurora Green, Aurora White, and Illusion Sunset.

Unlike the LG G8, however, the Velvet isn't going to be a flagship-grade phone. If rumors are to be believed, the phone will run on a 7nm Snapdragon 765G chipset. Like most other phones powered by the Snapdragon 765G, the LG Velvet is likely to be 5G-enabled as well. It is expected to support LG's Dual Screen accessory and pen input too, similar to the company's flagship V60 ThinQ. Unfortunately, the rest of the Velvet's key tech specs remain a mystery at this point.

LG Velvet: News, Leaks, Release Date, Specs, and Rumors