Meta officially announced the Meta Quest 3 VR headset, which is set to launch this fall for $499.99.

Prior to the Meta Quest Gaming showcase, which is scheduled to start later on June 2, 2023, Meta Quest 3 was made public. The Quest 3 will have Qualcomm's newest chipset and is expected to deliver twice as much graphics performance as its predecessor, the Meta Quest 2. The Quest 3 is the company's most potent VR headset to date, according to Meta CEO Mark Zuckerberg, who made the praise-filled statement in his most recent Instagram post.

The Meta Quest 3 will be backwards compatible with Quest 2 games and have a 40% thinner optical profile than the Quest 2, according to Meta's official blog post for the Quest 3 announcement. The Touch Plus controllers for Quest 3 have been completely redesigned by Meta to have a more streamlined and ergonomic form factor.

The Quest 2, which was released almost three years ago, is also receiving a price reduction. The 128GB model is now $299.99, and the 256GB model is now $349.99. This action comes almost a year after Meta announced it would be raising the cost of both of its Quest 2 models.

In order to improve the performance of both VR headsets, Meta also revealed that a new software update would be coming for the Quest Pro and Quest 2. The tech giant asserts that the upcoming software update will experience up to a 26 percent increase in CPU performance, an 11 percent increase in GPU performance for the Quest Pro, and a 19 percent increase in performance for the Quest 2.