Snap Inc (NYSE:SNAP) on Tuesday unveiled its latest smart glasses at the company's annual Partner Summit in Santa Monica, California.

What Happened: According to a Bloomberg report, Snap's new smart glasses, or AR Spectacles, will come packed with technology that allows the user to overlay images and filters on the physical world.

Snap CEO Evan Spiegel announced Tuesday the AR Spectacles will initially only be available for developers interested in building new features for the glasses. Spiegel also noted that the company plans to work on improving the look of the glasses and make the functionality easier to use while developers focus on ramping capabilities.

"Hundreds of millions of people are using AR on the Snapchat application. But a lot of the feedback we've gotten over the years, and a lot of what we've felt, is that it's really bound by screens," Spiegel reportedly said in an interview ahead of the Parter Summit.

"To really unlock the full potential of AR with glasses is something that's really exciting to us."

The new AR Spectacles are Snap's fifth generation of smart glasses. Snap has been building digital filters for years and more than 300 million people use its AR filters on average each day inside the Snapchat app. The new glasses aim to make that same technology hands-free.

"I think what's really exciting for investors and for our company is to be competing in a space where there isn't yet an established leader in AR. In fact, I think we are the leader in augmented reality," Spiegel said.

Snap's new AR glasses come as competitor Meta Platforms Inc (NASDAQ:META) gears up to unveil its own AR glasses prototype: Orion. Bloomberg reported that the company is expected to announce the glasses at its annual developer conference next week. Meta CEO Mark Zuckerberg previously said Meta was struggling to keep up with demand for its Ray-Ban Meta glasses.

The AR Spectacles will be released to developers for one year at a cost of $99 per month. Developers will have to send the glasses back at the end of the year. Snap said it plans to release new AR features for advertisers, developers and creators in the coming weeks.

SNAP Price Action: Snap shares are down about 44% year-to-date. The stock closed Tuesday down 2.28% at $9.42, according to Benzinga Pro.

Photo: Courtesy of Snap.

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