Sony has finally unveiled its next-generation PlayStation, PS5, and gamers worldwide are going crazy.

It's been a tumultuous period of gaming since PS4 hit shelves seven years ago. But finally, the Japanese tech company, Sony, has unveiled a next-generation console to gamers. Say hello to the PlayStation 5!

Sony's PS5 hardware design comes months after rival Microsoft unveiled its next console, the Xbox Series X, late last year.

During the launch, Sony showed two versions of the PlayStation 5: A standard one and a "Digital Edition" that does away with the console's disc drive.

Without the disc drive, the PS5 looks symmetrical, and it's an absolute beauty!

The sleek white console with black trim is tall and appears to be thinner than the Xbox Series X.

However, we still don't know how much it'll cost. And Sony hasn't given any indication as to when it'll reveal the price.

The PS5 is set to be a beast, loading games 100 times faster than its predecessor.

To eliminate load times for games, PS5 features an SSD solution that provides 825GB of storage and 5.5GB/s of performance.

The inclusion of the SSD is key to the PlayStation 5 experience. Not only will it allow for bigger open worlds, but it also enables gamers to use the system memory more effectively.

So prepare for 'blink-and-you'll-miss-it' load times and say goodbye to those tedious transition screens.

Sony introduced a couple of new accessories, too. They include a DualSense charging station, Pulse 3D wireless headphones, an HD Camera, and a media remote.

The DualSense charging station isn't something we haven't seen before. But that doesn't undercut the convenience of having a dedicated controller charger.

The HD camera will sport dual 1080p lens and will most likely function similarly to that in PS4.

And for the media remote, it features a built-in microphone for voice commands.

All of these accessories sport the same design philosophy as the main console. But the company is yet to confirm whether all will launch alongside the PS5.

During the launch event, Sony also gave us the first look at the PS5 games line-up.

A few standouts include Horizon Zero Dawn sequel – Horizon Forbidden West, a new Spider-Man entry, Gran Turismo 7, and Resident Evil 8.

Even more, PS5 will be backward compatible with "almost all" PS4 games, according to Sony's Mark Cerny.

So far, the PlayStation 5 is living to the hype, whetting the appetite of gamers for what's to come.