Snap Inc. introduced AR glasses for $2,195: SNAP shares plummeted, and the crypto community is on alert
On Tuesday, Snap (SNAP) shares plunged 9.72%, dropping to $5.16. The reason was the presentation of the first commercial AR glasses, Spectacles, priced at $2,195. Company CEO Evan Spiegel called the new product a "full-fledged computing platform," but the market reacted skeptically.
The presentation took place at the Augmented World Expo (AWE) 2026 in California. On the same day, pre-orders opened with a refundable deposit of $200. First deliveries are scheduled for fall in the US, UK, and France. The target audience is developers and enthusiasts, not mass consumers.
Design and Functionality: What's Wrong with Spectacles?
The Specs glasses project digital content directly onto the real world and operate autonomously, without needing to be tethered to a smartphone. Spiegel emphasized that this is a full-fledged computing platform with pre-installed programs for the internet, navigation, translation, and a built-in AI assistant. Interchangeable prescription lenses allow different people to use the glasses.
However, the design sparked a wave of criticism on social media. Users compared the bulky frame to 3D glasses from movie theaters and even to eclipse viewing devices. Doubts about comfort for everyday wear became the main sticking point.
Similar dynamics were observed with other premium products in 2026. High prices caused investor caution even before sales data became available.
Crypto Community and Market: Reaction to the New Product
Interest in the news extended far beyond the stock market. The crypto community was particularly active. Prediction platforms like Polymarket recorded record trading volumes in 2026, closely monitoring tech releases. The news about SNAP quickly attracted traders' attention.
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Snap Enters a Crowded Market with an Expensive Device
The $2,195 price tag is three times the cost of Meta Ray-Ban smart glasses (under $700). Meta accounts for about 76% of all global smart glasses shipments, and their developer ecosystem is far more powerful. Snap recently closed its VR metaverse division to focus on smart glasses and AI hardware — competition has become a priority.
Apple and Google are also working on their own devices, increasing pressure from players with greater resources. The share of retail investors in the stock market has fallen to its lowest since the third quarter of 2024, shrinking the base of speculative buyers that small-cap companies like SNAP often rely on to support their stock price.
Spiegel noted that Specs only complement smartphones, not replace them, reminding that mobile devices did not eliminate laptops.
"Almost 20 years have passed since the first iPhone was released — now people are ready to look at computing in a new way," the company CEO explains.
SNAP shares have fallen 33% since the start of the year. The decline continued on Tuesday. Forecasts note increased risks for technology companies in 2026. Because of this, Snap has no room for error with a slow launch. Whether developer interest will translate into mass demand will become clear in the fall.
My take: Snap Inc. is making a bold bet on AR, but the $2,195 price tag and questionable design put mass adoption into question. Amid fierce competition with Meta and Apple, success will depend not only on the technology but also on the ability to create a compelling ecosystem. For now, the market is voting with its feet.