Meta has unveiled its newest mixed reality headset, the Quest 3, which will start at $499 and feature color mixed reality.
The device will be 40% thinner than the Quest 2 and have double the graphics performance.
Meta also plans to lower the prices of its Quest 2 headsets and will reveal more details at its annual AR/VR conference on September 27.
Apple is expected to unveil its own mixed reality device soon, which could potentially reshape the market.
While Meta has dominated the market with its Quest headsets, it has struggled to expand beyond the gaming community and sell its vision of the metaverse.
Headset sales have declined in recent months, with the overall AR/VR market declining by 54.4% year over year.
Facebook founder
Mark Zuckerberg's company, Meta, has reduced the prices of its Quest headsets in an attempt to increase demand.
The Quest 2 256 GB version now starts at $350, down from $500, and the entry-level Quest 2 128 GB version now starts at $300, down from $430.
The high-end Meta Quest Pro now retails for about $1,000, down from a launch price of $1,500.
To expand the use of virtual reality beyond its existing gamer base, Zuckerberg has made overtures to the fitness world and built out productivity tools to market the Quest headsets as virtual offices.