Nokia (NYSE: NOK) will be holding an event to debut its newest Lumia addition today and most agree: this is a big deal for the company.

Starting at 11am EDT, Nokia is set to unveil its Lumia 1020. The device boasts a 41-megapixel camera, easily the largest in the industry. For those that don't think that is significant news, look how many websites are both (mostly) dedicated to sharing photos and also the most popular sites on the Internet (reddit, Instagram, Tumblr, Digg, etc.).

Along with the camera upgrade, the Lumia 1020 should have a processor with 2-gigabytes of RAM for handling large photos and still maintain a slim profile.

We'll bring you updates as they rollout. Shares of Nokia areu p 2.4 percent early.