Snapchat Confirms AR Glasses Launch, To Let Users Tip Creators: All You Need To Know - Snap (NYSE:SNAP)

Snap Inc. SNAP, the parent company of Snapchat, unveiled an augmented-reality version of its Spectacles smart glasses on Thursday.

What Happened: The new Spectacles have built-in AR displays and can display 3D effects onto the real world. They are wireless and can last for 30 minutes on a single charge.

The glasses have dual 3D waveguide displays that are capable of superimposing AR effects and also have 26.3-degree diagonal field of view.

See also: How to Buy Snapchat Stock

However, Snap said that the new Spectacles is built for AR creators and is not for sale. It is fully integrated with Lens Studio, Snap’s desktop application designed for AR creators and developers to build and distribute Lenses across Snap’s AR platform.

Snap also said it is expanding the monetization opportunities available to creators on Snapchat through a new feature called “Gifting.” Users can buy Snap Tokens to buy and send “gifts” to creators through Story Replies. Snapchat will take a share of the gifts sent. The social media platform now reaches 500 million monthly active users.

Why It Matters: The new, fourth-generation Spectacles include displays that will enable the wearer to view AR effects without the need to use a smartphone’s camera. It is aimed at developers and creators to create software experiences for the device that can later be offered to consumers.

The new Spectacles indicate Snap’s intensified push into hardware as it deals with stiff competition from companies such as Facebook Inc. FB and Apple Inc. AAPL that have intensified their focus on the AR/VR segment in recent years.

Snap’s expansion of monetization opportunities for creators is part of its efforts to lure more users and create more sources of revenue instead of relying just on advertising.

Price Action: Snap shares closed almost 5.9% higher in Thursday’s regular trading session at $57.07 and further rose 0.4% in the after-hours session to $57.30.

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