This appears to be a very interesting concept and also a new way of implementing two separate screens in smartphones. A 14-seconds YouTube video reveals that the screens are like stacked on one another and the upper screen can be rotated up to 90-degree.
A press release by LG reveals that its new phones will be a part of “Explorer Projects” which include devices that deliver “distinctive and yet unexplored usability experiences”. Devices like LG Velvet will be categorized under Universal Line which focuses on “new usability discovered with innovative designs”.
For the Explorer Project, the company is working with a number of partners that includes Qualcomm, Rave, Ficto, Tubi and a search engine Naver. Coming back to the LG’s rotating wing smartphone, it is said to feature a 64MP main camera and Snapdragon 765G chipset.

LG s rotating wing smartphone launching on September 14 - 87