Microsoft is currently working on a new Google Cardboard killer, they have named it as the Microsoft VR kit. Microsoft is hosting a Virtual Reality hackathon in Russia, where it will be handing out Microsoft VR headsets to developers.
This is a leaked information and there is no official information about the event as yet.
According to a report by Thurrott, the event will be held next year and that microsoft will aggressively promote this event. However there is no information about when these devices will be available for the general public.
The device is a combo of a lumia device and a cardboard box. It is speculated that Microsoft may release the design for free just as Google did.