Announced earlier this month, the LG Velvet is LG's latest effort to carve out a space for itself in a smartphone market dominated by Apple and Samsung. The company claims to be moving away from the alphanumeric naming scheme that has characterized past mobile phone releases such as the G and V series.

More importantly, the LG Velvet heralds a new focus on design, with features like the rear-facing camera positioned like raindrops on the back of the device.

That raindrop effect is on full display in LG's Velvet teaser video. The video begins with raindrops falling and transforming into an array of the phone's rear camera with three lenses. Captioned in Korean, the video also highlights the LG Velvet's slender design.

While the exact specs of the LG Velvet are barely discernible in this video, we do get a sense of the colors LG is planning for this phone. In addition to the traditional black and silver, it appears that green and fuchsia will be available, and LG is clearly using gradients to give the LG Velvet a sparkling look.

For many users, the most interesting part of the LG Velvet video will be the Snapdragon 765 logo in the lower left corner of the screen. confirms the speculation that it is the 765. This is significant in that it means that the LG Velvet will have a built-in 5G modem.

The 765 is a reasonably powerful chipset, but it is not as heavy as the Snapdragon 865 found in major Android flagship phones. This gives us a hint as to the LG Velvet's price, but it seems unlikely that it will demand the $1,000 price that major flagships routinely charge. Incidentally, the recent LG V60 ThinQ 5G is powered by a Snapdragon 865 processor and is priced at $899; one would imagine the LG Velvet will be priced below that.

The LG Velvet is rumored to arrive in May, with many sites citing May 15 as the release date. A number of LG-approved leaks regarding this phone would certainly suggest that a launch is coming sooner rather than later.