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A close up look at the quirky, flashing Nothing Phone 1.

The Nothing Phone 1 is the first phone launched by UK-based startup Nothing. It's an Android-based handset, with some decent specs and a quirky design featuring a transparent back panel and LED lights that flash when you have incoming notifications.

But the most exciting thing is its affordable £399 price tag. It's on sale in the UK and Europe now. There's currently no firm plans for a US launch for the phone, but it will likely reach the US eventually. For now, that £399 price converts to roughly $470 or AU$700.

The back panel is transparent, allowing you to see the different interconnected pieces.

The only Nothing branding is this subtle logo in the corner.

It's certainly an unusual design and it might not be to everyone's tastes. 

The edge is made from aluminum, giving the phone a premium feeling when you hold it.

Considering the design and the LEDs, finding good case options might be tricky.

Nothing calls this set of LEDs the "glyph."

They light up when you have incoming notifications like calls or emails, but they can also be used as an LED light when recording videos.

It's a dramatic look that I haven't seen on any other phone.

The phone charges over USB-C.

The company was founded by Carl Pei, one of the co-founders of OnePlus.    

The phone's 6.55-inch display makes it feel large.

The display uses OLED technology and is bright and vibrant.

The screen fills the front of the phone.

The Nothing 1 uses Android 12 at its core.

The interface has been kept intentionally clean, with no preloaded apps.

There's a dual camera on the back.

It offers a standard view and an ultrawide view, both of which have 50-megapixel resolutions.

The exposed screw heads give it an almost industrial feel.

How it performs against similarly priced phones remains to be seen.