Over the past several weeks, rumors have been circulating that Apple is working on a smart watch, dubbed the “iWatch”. Although it is purely speculation at this point, a number of credible sources have backed claims from multiple sources. After Nick Bilton of the NYTimes reported that Apple was working on a curved glass smart watch, a report from Bloomberg suggests that Apple has a team of 100 product designers working on the “iWatch”.

The rumor reportedly stems from “two people familiar with the company’s plans”, who also suggest that the smartwatch is past its experimental stage. This means that the device is likely in its naming, final design, and production plan stage, which is a similar process to the Cupertino company’s other products.

The team, which has grown in the past year, includes managers, members of the marketing group and software and hardware engineers who previously worked on the iPhone and iPad, said the people, who asked not to be named because the plans are private. The team’s size suggests Apple is beyond the experimentation phase in its development, said the people.

It is unclear exactly what features Apple would include in its smartwatch, although it would likely resemble the company’s popular iPad, iPhone or perhaps even the current generation iPod Nano. Apple’s senior director of engineering, James Foster is reportedly also working on the project, which would justify the company’s plans to keep its products consistent.

With an “iWatch”, Apple would likely be competing with other devices such as Pebble’s e-paper display Smart Watch. Apple could also be competing with wearable fitness “smart watches” such as the Jawbone UP, and the Nike FuelBand. Apple currently includes built in Nike+ support in a number of its products, so it would naturally make sense for the company to make this a part of a smartwatch project.

Apple rarely ever introduces a new product unless others fail to make a substantial impact on the market with their own devices. Apple’s CEO Tim Cook is currently a Nike Board member and mentioned that wearable devices are an “an interesting area” and that “the book hasn’t been written on that yet.” If Apple is working on a smartwatch, and if it is past the experimental phase as Bloomberg suggests, leaked images and parts will surface in the coming weeks.

{Via MacRumors}

When photos of the small touch screen panel which was rumored to be Apple’s new product hit the web many people speculated that it might turn out to be an iWatch. The new iPod nano feels more like an iPod shuffle with touch controls as Apple has taken away the video recording and playing capabilities.

In the last week many accessory makers have started offering straps and cases for the new 6th gen nano and a few of them caught our attention.

Third party accessory makers were quick to offer their solutions to turn your new iPod nano into an iWatch and we recently reported on a watch strap called Rock Band by iLovehandles. The nano clips onto the specially designed leather strap and enables you to wear the nano on your wrist however, it does not provide any protection for the screen. So, if you wear it on a daily basis you might end up with scratches on the screen.

Incipio offers another great solution and turns your nano into a wristwatch with its new accessory called “Linq”

Incipio is taking a whole new design path with this wrist-worn carrying solution for the iPod nano. Meet the most rugged carrying solution for iPod nano produced to date, the Linq™. This is for users who already have or aspire for a lifestyle of action. Linq™ provides the user with an all-day, everyday accessory that may be worn effortlessly but always boldly.

Your once fragile iPod nano is not so fragile anymore as it sits in Incipio’s award winning Next Generation Polymer material securing to the wrist with a nylon and Velcro interchangeable strap.

The Linq™ is expected to release towards the beginning of October for $24.99. Additional watchbands may be purchased for $9.99 each

Do you want to wear the nano as an iWatch? Will you buying any accessory for the new iPod nano? Let us know in the comments section.

A 3cm by 3cm display marked as an Apple component is causing some excitement on the internet.

The web site tw.apple.pro, perviously responsible for accurate discoveries of components for the iPhone 4, claims to have received this component from a reliable source. And the Apple branding on the part suggests that at least it is an Apple prototype part.

Guesses so far for what this component could be for range from an iRemote with a touch display for the rumored new AppleTV, an iWatch, or a revised iPod Shuffle “Touch” with a display.

9TO5Mac have a great little concept sketch from one of their readers.

What do you think a 3cm x 3cm LCD panel could be for? Let us know your best guess in the comments.