Snapchat CEO Evan Spiegel has announced that the company has developed new video-enabled sunglasses, called Spectacles, and will subsequently be rebranding under the new corporate parent name of Snap Inc. The video sunglasses are designed for uploading 10-second clips directly to the memories section of the Snapchat app via Bluetooth or Wi-Fi. The specs will feature an integrated video camera with a 115-degree lens designed to match human visual perspective. Video recorded via the glasses will be captured in a new circular video format, which can be played full-screen in any orientation. The Spectacles, which come in three different colours (red, blue, and black), are expected to go on sale in limited quantities in the U.S. later this year, priced at $130 (£100). Spiegel revealed the new product launch and company rebranding in a blog post explaining the name change, writing, “Now that we are developing other products, like Spectacles, we need a name that goes beyond just one product — but doesn’t lose the familiarity and fun of our team and brand.” “Snap Inc. is a camera company,” the company states simply on its newly launched website. The company's Twitter accounts have already been updated to reflect the change. Could Snap Inc.'s Spectacle succeed where wearable tech like Google Glass did not? Unlike Google Glass, which was essentially a rather expensive (and unattractive) computer for your face that happened to also include video-recording features, Snap’s Spectacles cost less than a pair of designer sunglasses and function for one purpose and one purpose only: to capture short videos for your Snapchat. They also reportedly will have a ring of lights around the camera lenses, which turn on when a user is recording video. The frames charge in their own case and supposedly hold enough battery power to take a full day's worth of snaps on a single charge. Which of these celebrity Snapchatters will be spotted wearing them first, on the other hand, still remains to be seen. Watch a video demo of Spectacles, featuring quite a bit of skateboarding, below.