Palmer Luckey, the founder of Oculus VR, has called the $400 price tag for PlayStation VR a figure “right around what [was] expected.”

Speaking to GameSpot in an interview at the Game Developer’s Conference, Luckey said, “I know how much this technology costs. We’re building a headset, we’re trying to sell it as affordably as possible. We have some higher quality stuff, our manufactured stuff, and we have some really nice soft goods and fabric going on in ours. We also have multiple LED displays instead of just one display. But [the Oculus Rift] at $599 is actually not that far off. We’re selling $599 with a controller, and with the remote, and with a couple of games. If someone doesn’t own them already, [Sony] is selling a camera, a controller, and you’ve got the headset—we’re actually fairly similar in cost. They are cheaper, but I think it’s a totally fair price and they’ve definitely done a good job of keeping the cost down. Clearly that was a priority.”

By comparison, the Oculus Rift headset will go on sale this month for $600 and will require a PC powerful enough to run the technology. Those thinking of picking up a Rift should check that their machine meets the minimum system requirements.

In comparing Oculus Rift to PlayStation VR, Luckey said, “I think [the markets] are almost completely different. People who buy a Rift are people who already own a high-end PC or are willing to buy a high-end PC for VR. People who buy a PlayStation VR are people who already own a PlayStation, or PlayStation VR is something that convinces them to buy a PlayStation that they probably already wanted for other reasons, not VR reasons. I don’t think there are many PC gamers that are going to buy a PlayStation and PlayStation VR from scratch. And I don’t think there are many PlayStation gamers that are going to buy a Rift and a high-end PC. They’re kind of very separate markets at this point.”

Sony revealed pricing details and release date for the PlayStation VR at the Game Developer’s Conference earlier today. The device will cost $400 in the United States, €399 in Europe, £349 in the United Kingdom, $549.95 in Australia, and ¥44,980 in Japan. This price will get you the headset, a Wii-sized processor unit and a series of cables, including HDMI and USB, among others. A PS4 camera, which is required for the headset to run properly, will not be included in the package.

GameSpot has a team on the ground at the Game Developer’s Conference, so stay tuned to our GDC hub for more news straight from the event!