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Meta Platforms Inc (META.O) said on Tuesday it would raise the prices of its Meta Quest 2 virtual reality (VR) headset by about $100 from August, even as the company prepares to launch a successor headset later this year.

With its rebrand in November last year, Meta has doubled down on metaverse and VR. It recently announced upgrades to its VR platform, Horizon Worlds, and opened a physical store for users to demo the headsets.

Meta said the 128-gigabyte and 256-gigabyte versions of Quest 2 will retail for $399.99 and $499.99, respectively. It also bumped prices for some accessories and refurbished units.

“We’re making a change that will help us continue to invest for the long term and keep driving the VR industry forward,” Meta said in a statement, adding that users have spent over $1 billion on Meta Quest apps.

Meta said it will launch a new high-end VR headset, code-named Project Cambria, later this year, without mentioning a date or device specifications.

Meanwhile, Apple Inc (AAPL.O) is said to be working on its own VR headset, according to reports.