https://www.gamespot.com/articles/nvidia-reveals-price-and-release-date-for-new-vide/1100-6461270/

At Gamescom 2018, Nvidia held a press conference to announce and detail its next generation of video cards, which will launch on September 20, 2018 with three models: the GeForce RTX 2070 ($500 USD), RTX 2080 ($700), and RTX 2080 Ti ($1000). These new cards use the Turing GPU architecture and boast the ability to perform ray tracing technology (or RTX for short, hence the card names).

Nvidia's presentation included live in-game demonstrations of ray tracing in action from Shadow of the Tomb Raider, Metro: Exodus, Assetto Corsa, and Battlefield V. In short, ray tracing technology is capable of more realistic global illumination and accurate projections of ambient light, and affords the ability to efficiently calculate the reflections and light sources that exist outside of the screen space. For ray tracing specifically, the Turing architecture is four times faster than Volta-based workstation GPUs and ten times faster than the current Pascal GTX 10-series--not to be confused with overall performance outside of ray tracing.