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Snapchat, Niantic Labs were early adopters who used this technology in their products.
Here is a quick view of how Augmented Reality works in general.
http://computer.howstuffworks.com/augmented-reality.htm
Facebook just released AR Studio, where users can go ahead and create unique experiences.
https://developers.facebook.com/products/camera-effects/ar-studio/
It is the next big thing, and everyone from Silicon Valley seems to have placed their bet on this.Possibilities are endless and it will be interesting to see how this can help us in our daily lives.