Nintendo and the Pokémon Company have announced that they are developing a mobile game called "Pokémon GO." They will be collaborating with Niantic, known for their GPS technology and augmented reality mobile game, "Ingress." Niantic used to be under Google, up until the recent Alphabet reorganization.

During the press conference, The Pokémon Company president, Tsunekazu Ishihara, announced that "Pokémon Go" was inspired by the multiplayer and location-based nature of the game, "Ingress." Ishihara also revealed that the late Nintendo president, Satoru Iwata, was involved in developing the concept of the mobile game.

"Our challenge was to develop a great game for smartphone devices that expressed the core values of Pokémon. Pokémon GO is the answer to that challenge," Ishihara said. The debut trailer introduces to players the concept of the game.

The game's objective is to be able to discover, train, trade and battle Pokémon in real world locations, including parks and streets. The location-based game will have players exploring a virtual map and walking around their cities hoping to come across their favorite Pokémon.

In addition to their mobile devices, players can also purchase the Pokémon Go Plus, which is a separate Bluetooth device. The Pokémon Go Plus is optional, but it will be able to reduce the time players spend staring on their smartphones.

The wristband, akin to a smartwatch, serves to alert the players whenever there are nearby events or Pokémon in their vicinity. The Pokémon Go Plus provides LED flashes and vibrations to notify players, and players are able to catch the Pokémon with a press of a button.

"Pokémon GO" will be compatible for both Android and iOS devices. The game is expected to launch by 2016. While the game is free to play, there will be in-app purchases as well. Nintendo and The Pokémon Company have yet to reveal the price for the Pokémon GO Plus.