It's nearly here, or so says Planet 9, the well-known creator of 3D city models. RayGun is GPS navigation and social networking application, now in 2D and soon to be in 3D.
With RayGun, you can create an avatar to represent yourself, and move around in the application. You can also share routes, text chat, share photos and video, and even talk to each your friends over VoIP (Voice over Internet Protocol).
It won't be a product you can buy; the company hopes to license it phone suppliers and carriers for their products.
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Venture Beat