Meta and EssilorLuxottica on Tuesday launched a new range of AI-powered smart glasses starting at $299, expanding their wearable technology portfolio with a lower-cost product as competition in AI-enabled eyewear intensifies.

The new Meta Glasses are the first smart glasses jointly developed by the companies that do not carry established eyewear brands such as Ray-Ban or Oakley. The launch introduces three frame styles, including the Meta Adventurer, Meta Fury and a slim oval design created in collaboration with media personality Kylie Jenner.

Meta said the glasses build on the technology used in its existing AI eyewear range and are compatible with prescription lenses. The devices include built-in cameras, open-ear speakers, voice controls and access to the company's Meta AI assistant.

The launch marks a significant reduction in entry pricing for Meta's wearable devices. Reuters reported that the new glasses start at $299, compared with the $800 Ray-Ban Display glasses introduced last year. The price is at least $80 lower than Meta's entry-level second-generation Ray-Ban smart glasses.

Heather Ahrens, writing on Meta's official blog, said: “Glasses are the most exciting hardware category of the AI era – the ideal device to experience an all-day AI assistant that understands the world from your perspective.”

Meta said the devices are the first AI glasses to launch with Meta AI powered by Muse Spark, the first model developed by its Superintelligence Labs. The company said the upgraded AI system offers enhanced multimodal capabilities, enabling users to receive information about their surroundings, manage schedules and access live translation features.

Alex Himel, Meta's vice president of wearables, told CNBC that the company wanted “a more accessible price point” for the new product line.

According to IDC, global smart glasses shipments reached 9.6 million units last year, with Meta accounting for 76.1 per cent of the market.

The announcement comes as major technology companies increase investment in AI-enabled eyewear. Reuters reported that Google and Apple are exploring similar devices, while Snap last week launched its augmented reality Specs glasses priced at $2,195. CNBC reported that Google is developing AI-powered eyewear with Warby Parker using its Gemini AI model.

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