Next year, the world will be able to finally get their hands on the first-ever wearable device made by Apple, Inc.

Rumored to be called the "iWatch", Apple announced that its first smartwatch is named "Apple Watch" during the big media launch held at the Flint Center for the Performing Arts in Cupertino, California yesterday.

According to Apple CEO Tim Cook, the wearable gadget will "redefine what people expect from a watch," and that it is the "most personal product Apple has ever made."

Apple Watch is the first device launched in the new product category in years. The last one was the first generation of iPad tablets back in 2010.

The wearable gadget has a lot of amazing features. This customizable smartwatch, which also serves as a functional health and fitness gadget, is meant to work with the latest iPhone 6.

It is also made with Force Touch, which is a set of tiny electrodes located all over the flexible retina display to distinguish the user's action between a press and a tap.

But unlike the iPhone 6 and the bigger iPhone 6 Plus gadgets, which will both be released on Sept. 19, the release date for Apple Watch is yet to be divulged. Apple only announced that the wearable device will be put on the market sometime in early 2015.

Once released, the Apple Watch will come with six interchangeable straps. These can be changed according to the user's own style and personality. The straps include a sweat-resistant Sport Band, the magnetically adjustable Leather Loop, as well as the stylish Milanese Loop, the Link Bracelet, the Modern Buckle, and the Classic Buckle.

The Apple Watch will also be available in two different sizes: the 38-millimeter watch and the 42-millimeter watch.

This wearable device, which is also compatible with the iPhone 5s, iPhone 5c, as well as the iPhone 5, will be sold in the US for around $349. No information is currently available about its UK pricelist.