We’ve come a long way since the days of the nearly postage stamp sized photos created by cameraphones. We’ve progressed from those tiny grainy photos to today’s multimegapixel photos that can be stitched into panoramas and even 360 views with apps like Microsoft PhotoSynth for the iPhone.

Gizmodo, however, reports on a soon-to-be-available accessory for the iPhone 4 that can create 360 degree views photos with minimal action by the iPhone user.

Dot Gives Your iPhone a 360-Degree Video Eyeball

An app for the iPhone and software for desktops transforms the warped projections in these taken by the dot into something more natural looking. The project to build the Dot is being funded through Kickstarter. Pledges of $100 gets you the device and invitation to their launch party in New York.

360 degree photography has a lot of vertical market potential And, of course, gadget photography fans will find it interesting. Its downside is that if Apple changes the design of the next generation iPhone (presumably out sometime between July and September), the Dot may not fit the new form factor.