AT&T has slashed the price of the Nokia Lumia 1020 camera smartphone to $49.99 when signing a new two-year contract.

The Nokia Lumia 1020 stirred quite some interest, as it is widely considered the best camera smartphone currently available on the market. Nokia first launched a 41-megapixel smartphone with its 808 PureView, but that handset ran the older, outdated Symbian operating system. Fans of the Finnish company have long requested a similar smartphone on a better platform, and Nokia finally delivered when it launched the Windows Phone 8-powered Lumia 1020, which also boasts a whopping 41-megapixel sensor.

Moreover, the Nokia Lumia 1020's camera also comes with the company's much-touted PureView technology, Carl Zeiss optics, optical image stabilization (OIS), and a number of other neat camera-centric features that aim to provide a superior camera experience.

Other specifications of the Lumia 1020 include a 4.5-inch display with a resolution of 1280 x 768 and a pixel density of 332 pixels per inch (ppi), a dual-core Qualcomm Snapdragon MSM8960 processor clocked at 1.5GHz, and 2GB of RAM. The smartphone also comes with Nokia Camera and other Nokia-related apps, a 1.2-megapixel front camera, and a 2,000 mAh battery. Connectivity options include 4G LTE, Wi-Fi 802.11 a/b/g/n, Bluetooth 3.0, NFC, and Mobile Hotspot, which can support up to five devices.

The Nokia Lumia 1020 ships with Windows Phone 8 pre-installed, but it is also upgradable to the latest Nokia Lumia Black update with Windows Phone 8 Update 3 (GDR3) that will bring it to the newest OS version.

The smartphone has received high praise for its great camera capabilities, but many consumers were put off by the handset's rather high price tag. If this was a problem so far, AT&T aims to solve this issue by offering the Lumia 1020 at a significantly lower price.

"Because everyone deserves amazing photos. Lumia 1020 is now available from $49.99," Nokia touted in a tweet on Friday, Jan. 24.

As previously mentioned, the AT&T Nokia Lumia 1020 is now available for $49.99 provided that you agree to sign a new two-year contract with the carrier. The company did not mention whether this is a limited-time deal and, if so, when it will expire, but the smartphone currently appears as in stock.