Meta has revealed its next-generation virtual and mixed reality headset, the Meta Quest 3, will cost $499 when it launches in fall 2023.

The device promises to improve on the Quest 2 with higher resolutions, stronger performance, a slimmer form factor, and support for "Meta Reality" technology—which can be used to blend virtual and physical worlds.

Meta described the Quest 3 as a "supercharged all-in-one headset" and noted it will be completely wireless. The base version will be a 128GB model, but additional storage options will be available.

"Quest 3 combines our highest resolution display and pancake optics to make content look better than ever. To power those extra pixels, this will be the first headset to feature a next-generation Snapdragon chipset developed in collaboration with Qualcomm Technologies," said the company in a blog post.

"That next-gen Snapdragon chipset delivers more than twice the graphical performance as the previous generation Snapdragon GPU in Quest 2—meaning you’ll get smoother performance and incredibly crisp details in immersive games."

The best of both realities?

Offering some tech specs, Meta said the Quest 3 will include dual 4MP RGB color cameras, a depth sensor for a more accurate representation of your play space, and 10x more pixels in Passthrough compared to Quest 2.

The headset will leverage machine learning and spatial understanding to let wearers simultaneously interact with virtual content and the physical world.

"Now you can play a virtual board game on your kitchen table with Demeo, decorate your living room with virtual art courtesy of Painting VR, or dive into a fully immersive world to do things that are simply not possible otherwise," continued the company.

An optic profile that's 40 percent slimmer than the Quest 2's should also provide more comfort, while the headset's Touch Plus controllers have also been redesigned in pursuit of a more streamlined and ergonomic form factor.

"Thanks to our advances in tracking technology, we’ve dropped the outer tracking rings so the controllers feel like a more natural extension of your hands and take up less space. We also included TruTouch haptics that first debuted in Touch Pro to help you feel the action like never before," Meta continued.

The Quest 3 will be compatible with the entire Quest 2 catalog of VR titles and experiences, but Meta says it plans to launch the headset alongside some "exciting" VR and MR titles.

With the Quest 3 finally breaking cover, Meta has announced that it'll be lowering the price of the 128GB Quest 2 to $299.99 from June 4. The cost of the 256GB model will also be reduced to $349.99.