The parent company of Snapchat unveiled Spectacles 3 on Tuesday, the latest iteration of its video-recording eyewear that now features new 3D effects and an astronomical price tag. The price of the device, which will be shipped in the fall but is already up for pre-order, has increased from $180 to $380.

Less than three years have passed since the introduction of Snapchat's first pair, which was initially distributed through vending machines. People waited for hours to get spectacles, which became a viral hit. On eBay, several resellers priced them for over $900. The euphoria eventually died down, and the corporation was forced to write off over $40 million in extra inventory.

Last year, Snap (SNAP) tried again with Spectacles, which resembled the original pair but were smaller and water-resistant.

The product is back now with round lenses, 3D cameras, and a sleeker, smaller appearance. The Snapchat app allows users to create pictures and movies using the glasses by tapping a button on the frame, just like its predecessors. The twin HD cameras in Spectacles are designed to capture depth and dimension with 3D in a manner similar to the human eye. Snapchat showcased the new special effects users may add to their 'Snaps' with Spectacles in a video posted on social media. It displayed videos with augmented reality sting rays or bright pink birds, for instance.

The business told CNN Business that it envisions a time where computers, like augmented reality, is overlaid on the environment rather than being contained to a small screen. Snapchat is best recognised for its augmented reality (AR) filters, which let users add fake flower crowns and dog ears to images and videos. The new version is available in black and 'mineral,' a rose-gold tone, as opposed to the previous model's vibrant colours like orange and blue.

Snap, however, might be improving after its missteps. Spectacles 3 is a limited-edition product, according to Snap, and fewer of the new sunglasses will be made than in the past.

Despite the initial failure of Spectacles and the consumer rejection of Google Glass, the tech sector is still making significant investments in smart glasses. Apple is reportedly working on augmented reality glasses, while Google is now concentrating on providing eyewear for businesses. Internet giants like Facebook, Google, and Amazon are actively pursuing hardware products as a way to diversify their revenue streams and further ingratiate themselves into the lives of its users. For instance, Facebook (FB) just entered the hardware market with its Portal video chat device.