iPhone X Hand Mockup Sketch

iPhone X Hand Mockup Sketch

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Given the opportunity, Apple product reveals are all about the fanfare, and release of its tenth anniversary iPhone X in early November was no exception. So if you're in the market for a new smartphone, pride yourself on being an early adopter of all the latest, or just wondering why it costs so much, here is what we know about the tech giant's latest device.

Apple

The company pulled out all the stops. The company revamped the design, doing away with the home button, adding a glass back and an OLED screen. It swapped out the Touch ID for facial recognition technology and creating a bezel-less display -- meaning those black bands around the screen -- and attaching the most expensive smartphone price tag on the market, starting at $999.

Apple co-founder Steve Wozniak said back in October that he wasn't going to be running right out to get one.

Related: A Decade of iPhone Evolution (Infographic)

"I'd rather wait and watch that one. I'm happy with my iPhone 8 — which is the same as the iPhone 7, which is the same as the iPhone 6, to me," Wozniak told CNBC. "For some reason, the iPhone X is going to be the first iPhone I didn't -- on day one -- upgrade to. But my wife will, so I'll be close enough to see it."

But others jumped at the chance. The first run that went on sale on Friday, October 27th sold out in minutes, even though it went on sale at exactly 3:00 am EST.

Some prospective buyers who got in early enough to pre-order the phone to get it delivered on the November 3rd release date took to eBay to sell the devices to the highest bidder. According to Fortune, at the end of October, one device was on sale for a whopping $60,000. Though currently, it seems that the price is hovering around $15,000 to $16,000.

Related: 15 'Secret' iPhone Hacks That Will Even Impress Siri

Jony Ive, Apple's Chief Design Officer told Time that the reason for the increased price -- of $999, not the mark up on eBay --  was simple. "As you would expect, there's a financial consequence to integrating the sheer amount of processing power into such a small device."

Ive also explained thought process that goes into developing a device like the iPhone X, and leaving behind technology, like the home button, that has worked to this point.

"I actually think the path of holding onto features that have been effective, the path of holding onto those whatever the cost, is a path that leads to failure," he said. "And in the short term, it's the path the feels less risky, and it's the path that feels more secure."

Do you agree with Ive? Are you excited for the iPhone X? Let us know in the comments.

Related video: 3 Places to Find New Tech Talent

iPhone X Hand Mockup Sketch

Source: https://www.entrepreneur.com/article/305360