Summary:

The Nintendo 64, often referred to as N64 (formerly known as the Nintendo Ultra 64, and code-named Project Reality) is Nintendo's third home video game console for the international market. Named for its 64-bit central processing unit, it was released in June 1996 in Japan, September 1996 in North America, March 1997 in Europe and Australia, September 1997 in France and December 1997 in Brazil. It is Nintendo's last home console to use ROM cartridges to store games (Nintendo switched to a MiniDVD-based format for the successor GameCube); handhelds in the Game Boy line, however, continued to use Game Paks. As part of the fifth generation of gaming, it primarily competed with the PlayStation and the Sega Saturn. Succeeded by Nintendo's GameCube in November 2001, N64 consoles continued to be produced until its discontinuation in Japan on April 30, 2002, Europe on May 16, 2003, North America on November 30, 2003, and Australia in 2003.
The N64 was released with two launch games, Super Mario 64 and Pilotwings 64, and a third in Japan, Saikyō Habu Shōgi. The N64's suggested retail price was US $199.99 at its launch and it was later marketed with the slogan "Get N, or get Out!". The console was ultimately released in a range of different colors and designs, and an assortment of limited-edition controllers were sold or used as contest prizes during the N64's lifespan. The N64 sold 32.93 million units worldwide, and in 2009, it was named the 9th greatest video game console by IGN. Time Magazine named it their 1996 Machine of the Year award.

History:

--Development--

At the beginning of the 1990s, Nintendo led the video game industry with its Nintendo Entertainment System (NES). Although a follow-up console, the Super Nintendo Entertainment System (SNES), was successful, sales took a hit from the Japanese recession. Competing consoles from Sega and Sony also increased the need for Nintendo to develop a successor to the SNES. Further complicating matters, the company also faced a backlash from third-party developers unhappy with Nintendo's onerous licensing policies. The company sought to develop a console with high-quality, 3-dimensional graphics and a 64-bit processor. Nintendo's code name for the N64, "Project Reality", stemmed from the bold belief that the hardware's advanced CGI capabilities would rival supercomputers of the era.
Nintendo had limited experience with 3-dimensional graphics, and worked with outside companies to develop the technology. The Nintendo 64 owes its existence to Silicon Graphics (SGI) and MIPS Technologies, who were responsible for the R4300i microprocessor and the 3D graphics hardware used in the N64. SGI had recently acquired MIPS Computer Systems, and the two worked together to create a low-cost real-time 3D graphics system.
James H. Clark, founder of Silicon Graphics, initially offered the SGI project to Tom Kalinske, then CEO of Sega of America. The negotiations that ensued have fueled controversy. Sega claimed that their evaluation of the early prototype uncovered several unresolved hardware-issues and deficiencies. They were subsequently resolved; but not before Sega had already decided against SGI's design. Nintendo resisted that assertion, arguing that Nintendo was a more appealing partner. SGI was apparently interested in using its chips in devices other than a game console; while Sega demanded exclusive rights to the chip, Nintendo was willing to license the technology on a non-exclusive basis. Nintendo, falling behind in the console war, expressed interest in SGI's work. James Clark met with Nintendo CEO Hiroshi Yamauchi in the spring of 1993 and agreed to develop the project. Thus, "Project Reality" was born. An official announcement regarding their collaboration was made in October 1993.
The console's design was revealed to the public for the first time in late Spring 1994. Pictures of the console showed the Nintendo Ultra 64 logo, a ROM cartridge, but no controller. The final N64 console would retain the shape pictured by the Ultra 64. The system was frequently marketed as the world's first 64-bit gaming system. Atari had claimed to have made the first 64-bit game console with their Atari Jaguar, but the Jaguar only used a 64-bit architecture in conjunction with two 32-bit RISC processors and a 16/32-bit Motorola 68000. Around the same time, Rare (UK) and Midway (USA) released two arcade titles, Killer Instinct and Cruis'n USA, which boasted their upcoming release on the Ultra 64 platform. Killer Instinct did use the same CPU as the N64, a MIPS R4300i. Killer Instinct featured pre-rendered character artwork, and CG movie backgrounds that were streamed off the hard drive and animated as the characters moved horizontally.
The completed N64 was fully unveiled in a playable form to the public on November 24, 1995, at the 7th Annual Shoshinkai Software Exhibition in Japan. Nintendo's next-generation console was introduced as the "Nintendo 64" (a name given by Shigesato Itoi, who named the Game Boy before), contrary to speculation that it would be called "Ultra 64". Photos of the event were disseminated on the web by Game Zero magazine two days later. Official coverage by Nintendo followed later via the Nintendo Power website and print magazine.
In the lead up to the console's release, Nintendo had adopted a new global branding strategy, assigning the console the same name for all markets: Nintendo 64.
The console was originally slated for release by Christmas of 1995. In May 1995, Nintendo pushed back the release to April 1996. The prospect of a release the following spring at a lower price than the competition lowered sales of competing Sega and Sony consoles during the important Christmas shopping season.
In its explanation of the delay, Nintendo claimed it needed more time for Nintendo 64 software to mature, and for third-party developers to produce titles. Adrian Sfarti, a former engineer for SGI, attributed the delay to hardware problems; he claimed that the chips underperformed in testing, and were being redesigned.

--Release--
Popular Electronics called the launch a "much hyped, long-anticipated moment."
The console was first released in Japan on June 23, 1996. The North American version of the Nintendo 64 officially launched on September 29, 1996. It launched with just two games in the United States, Pilotwings 64 and Super Mario 64. In 1994, prior to the launch, Nintendo of America chairman Howard Lincoln emphasized the quality of first-party games, saying "[...] we're convinced that a few great games at launch are more important than great games mixed in with a lot of dogs." The PAL version of the console was released in Europe on March 1, 1997.
Originally intended to be $250, the console was ultimately priced at $199.99 to make it more competitive with Sony and Sega alternatives. Nintendo priced the console as an impulse buy, using a strategy from the toy industry. At US$199.99, the console was cheaper than rival consoles from Sega and Sony. The price of the console in the United States was cut to $129.95 on August 25, 1998.
Of the consoles in the fifth generation, the Nintendo 64 was the latest to be released. One of its technical drawbacks was a limited texture cache, which could hold textures of limited dimensions and reduced color depth, which had to be stretched to cover larger in-game surfaces. More significantly, the N64 still relied upon ROM cartridges, which were constrained by small capacity (particularly in an era when games became more complex and their contents took up more memory) and high production expenses, compared to the compact disc format used by its chief competitors. As a result of the N64's storage media limitations, many third-party publishers that previously supported Nintendo's past consoles would reduce or stop publishing games; the N64's most successful titles came from first-party or second-party studios.

Sources and Citations: http://en.wikipedia.org/wiki/Nintendo_64

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