Nokia officially unveiled the much-rumored Lumia 1020 Windows Phone 8 smartphone that boasts a whopping 41-megapixel camera.

Previously dubbed the Nokia EOS or the Lumia 909, Nokia's brand new camera smartphone is finally official and it's called the Lumia 1020.

As expected, the smartphone comes with a massive 41-megapixel PureView camera with Xenon flash, Carl Zeiss wide-angle optics (six lenses total) and optical image stabilization (OIS) for both photos and videos.

"Today, Nokia established a new benchmark in smartphone imaging with the arrival of the Nokia Lumia 1020, boasting a second-generation 41-megapixel sensor," touts the company in the July 11 press release. "Unlike any other smartphone in the market today the Nokia Lumia 1020 reinvents zoom, enabling people to discover more detail than the eye can see. With Nokia's innovative PureView technology, including optical image stabilization, the device is able to produce some of the sharpest images possible with any digital camera."

"We want to take people on a journey from capturing pictures to recording and sharing their lives," said Nokia CEO Stephen Elop. "The Nokia Lumia 1020 will bring new meaning to pictures and continues to strengthen Nokia's leadership in imaging."

The Nokia Lumia 1020's 41-megapixel camera uses the same oversampling technique that Nokia introduced last year with its first 41-megapixel camera smartphone, the Symbian-powered PureView 808. Just like OIS, oversampling is for both photos and videos.

"Using a new feature called dual capture, the Nokia Lumia 1020 simultaneously takes a high-resolution 32 megapixel image for endless editing opportunities, and creates a 5 megapixel picture that is easy to share to social networks with Windows Phone 8," Nokia further explains.

Another neat feature is the Nokia Pro Camera app, which will allow users to easily change ISO settings, manual exposure values, focus (including manual focus) and make other such adjustments.

Aside from the camera frenzy, the Nokia Lumia 1020 sports a 4.5-inch AMOLED display with a resolution of 1280 x 768 (WXGA), a dual-core Qualcomm Snapdragon S4 processor clocked at 1.5GHz, 2GB of RAM, 32GB of internal storage, a 2,000 mAh battery and LTE.

In terms of availability, the Nokia Lumia 1020 will first launch in the U.S. as an AT&T exclusive, with sales expected to start on July 26. The handset will cost $299.99 on a two-year contract with the carrier. Later this quarter, the new 41-megapixel smartphone will also make its way to China and key European markets. According to the press release, Nokia plans to ship an exclusive model of the Nokia Lumia 1020 with Telefonica to select European and Latin American markets. The smartphone will come in three color options: white, black and yellow.