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While no final cost figures are available yet, the most expensive components (CPU, GPU, display, camera) are absent - these will be provided through a smartphone which will be mounted in the Wave. This allows the Wave to attain an affordable pricepoint when compared to other smartglasses.
The Kickstarter campaign was priced around $150, however typically retail prices are higher than Kickstarter prices.
Con Smartphone powered
A smartphone needs to be inserted into the Wave for it to function. The CPU, GPU, display and camera of the phone will be used to provide most of the functions of the Wave. This provides certain limitations however - the display of a smartphone isn't designed for AR or VR, and current implementations can't take advantage of the display's full resolution (edges will be cut off and warped to provide the field of view required by the eyepieces). Processing power and battery life will be limited by the phone as well - even the highest end current smartphones have trouble sometimes keeping up with the current VR solutions. This could be solved in part by new mobile CPUs and GPUs that will be available by 2017, such as the Snapdragon 821.
Con Not launching until 2017
The Innovator Edition is expected to launch in 2017, however this will be intended for developers. There is no date for expected consumer versions yet.