Snap Inc. is reportedly working on a new pair of Snapchat Spectacles that will have a new design and a more expensive price tag. The rumored Spectacles 3 is also said to feature dual cameras that will add new capabilities, including augmented reality effects.

The Snapchat Spectacles 3, which has been given the codename Newport, is expected to cost $350, according to a report from Cheddar.  Unlike the Spectacles 2, which arrived earlier this year, the brand new wearable tech is said to come with two cameras instead of just one. The report also said that the dual cameras will allow wearers to use 3D-like effects for taking photos. No specifics were given, but it’s being speculated that the Spectacles 3 might be able to capture portrait mode photos just like smartphones that feature dual-camera setups.

The Spectacles 3 is also said to be capable of allowing wearers to add AR lenses to photos and videos. This will most likely require a connected smartphone with the Snapchat app active in order to work. Augmented reality filters and effects is one of the most popular features on Snapchat. It makes a lot of sense that Snap would try to integrate AR features into its only hardware product, which could help in convincing more consumers on getting one.

Snapchat lost a lot of money with the first version of Spectacles, as pointed out by Digital Trends. It was reported that Snap was left with $40 million worth of unsold Spectacles. Despite the disappointing sales of the first-generation product, Snap went forward with releasing the $149 Spectacles 2 earlier this year. The company also introduced two different styles of the second-generation Spectacles in September that came with designs closely resembling a regular pair of sunglasses. The second-generation Spectacles cost $199.

With the Spectacles 3 rumored to arrive with a more expensive price tag of $350, Snap might be taking a huge risk. The company might try to justify the pricing based on the inclusion of two cameras and the added benefit of AR features and 3D effects. The Spectacles 3 is also said to come with a new design that features an aluminum frame. Previous iterations of the Spectacles were mostly made from plastic.

The Snapchat Spectacles 3 is said to arrive sometime by the end of the year, but no exact date or timeframe was given.