Snapchat is now called Snap Inc. and will sell its Spectacles for $129

Snapchat's name has disappeared.

On Friday the companyannounced in a Wall Street Journal article that it was changing its name to Snap Inc. 

The name is more fitting since the company is now more than just a social app, its CEO Evan Spiegel told the Journal.

Snapchat is now branching into new territory: smart sunglasses. 

Called Spectacles, the pairs will sell for $129 — but it's only a limited distribution. 

Hours before the Journal's article, Business Insider published the first leaked video of its new glasses, which hinted that the company would be changing its name.

According to the Journal, the Snapchat Spectacles record 10-second clips of video through its 115-degree-angle lens, which makes it closer to the human eye instead of traditional cameras. The glasses record the video in a circular field, instead of the usual rectangle or square, and then can wirelessly transfer it your phone, so you can share it with your friends on Snapchat. 

The glasses will come in three colors: black, teal, and coral. Snapchat has spent years developing the glasses, but Spiegel referred to them as a "toy," telling the Journal, “We’re going to take a slow approach to rolling them out,” says Spiegel. “It’s about us figuring out if it fits into people’s lives and seeing how they like it.”

Billboards are already springing up for the glasses, suggesting they'll launch very soon.

Here's an excerpt from the leaked video:

Business Insider