Snapchat has changed its name to Snap, and announced a brand new product set to revolutionize the way people use the service. Move over Google Glass, Spectacles are where it's at now.

The company formerly known as Snapchat is now Snap Inc. Snapchat still exists as the same social networking service we all know and love, but the company itself will now be known as Snap Inc.

Snapchat founder and CEO Evan Spiegel announced the name change in a post on Snap News. Spiegel explained that with the company "developing other products" ... "we need a name that goes beyond just one product – but doesn’t lose the familiarity and fun of our team and brand". Hence Snap Inc.

The "other products" Spiegel refers to include Stories, Memories, and Lenses, but it's the newly announced Spectacles that have ultimately prompted the change…

Spectacles Capable of Shooting Circular Video

Snapchat's new Spectacles are sunglasses with a tiny video camera built in to them. This wireless camera is integrated seamlessly into the rather funky sunglasses, which come in three different colors: black, blue, and red.

Snapchat's Spectacles are capable of shooting 10-second snippets of video through its 115-degree lens. Spectacles shoot what the company calls circular video; enabling full-screen playback regardless of the device and its orientation. This should cure the symptoms of vertical video syndrome.

To use Spectacles, you simply click on a button to start recording. All of the video snippets are uploaded wirelessly to Snapchat Memories. Snapchat claims Spectacles are "capable of taking a day’s worth of Snaps on a single charge".

Snapchat has been working on Spectacles for several years. However, it has taken this long for the company to release the product on an unsuspecting public. And make no mistake about it, while Snapchat stalwarts will lap these up, those caught in their field of vision may not be so enamored by the idea.

Snapchat's Spectacles will be "available soon" and priced at $130.