Verizon Drops the Price of the Galaxy Nexus to $199

Verizon dropped the price of the Samsung Galaxy Nexus down to $199 after Sprint released its own model of the smartphone earlier today that retails at that same price.

The only difference between the two is that the Sprint version comes with Google Wallet, a feature left off of the Verizon version due to the carrier's plans to create its own electronic payment system utilizing NFC (near-field-communications).

The price drop also leveled out the Galaxy Nexus with some of Verizon's other high-end Android smartphones, such as the Droid 4 and LG Spectrum that also retail at $199.

The smartphone originally launched exclusively on the carrier in December of last year and was priced at $299 with a new 2-year agreement. It is the first smartphone to come with Android, 4.0 Ice Cream Sandwich pre-installed and it debuted at Samsung's Mobile Unpacked event in Nov. 2011.

The off-contract price of the Galaxy Nexus on the carrier is $649.99. The non-agreement price was not discounted.

It is also one of the finest 4G LTE devices on the carrier, who currrently runs the largest LTE network in the U.S.

The Sprint version is LTE as well, but the carrier will not have its LTE network up and running until the middle of the summer.

Sprint also launched the LG Viper 4G today that runs on LTE networks as well.

The Galaxy Nexus was called the greatest Android smartphone of all time by The Verge, and packs some impressive specifications, including a dual-core 1.2GHz processor, 1GB of RAM, a 5-megapixel rear camera, 4G LTE, Android 4.0, Ice Cream Sandwich, and a 4.65-inch HD Super AMOLED display.

Samsung plans on launching a new Galaxy device in the coming weeks at its upcoming Mobile Unpacked Event set to take place in London, England on May 5.