Rumors surrounding Microsoft's hotly-anticipated gaming console, Xbox 720, are flying thick and fast. Per reports, new patent filings have been reported and show that the console, upon release, will involve something called "virtual game room" with 360-degree projection technology.

An interesting development as far as Microsoft as well as it fans are concerned. The patent for the "Immersive Display Experience" provides a brief description of how the technology will work, along with a schematic of how the virtual game room should look like.

Basically, the patent filing states that an immersive experience such as this comes about when the gamer is presented with a peripheral image within his or her environment. As described by the patent summary, "The peripheral images serve as an extension to a primary image displayed on a primary display." What this means is that any room where the player is in would be integrated into the gaming experience.

The patent, however, is yet to be approved.

The new report has arrived after Gearbox CEO Randy Pitchford stated that their studio has next-gen projects under development, which will be announced in the near future. These developments included both Xbox 720 and PlayStation 4.

Additionally, it was reported that an auction went up on eBay for the Xbox 720 Durango development kit, with bids starting from $1. The development kit was said to be sold for a mammoth $20,100.