A note at the Apple Developer webpage says advanced features in ARKit 3 will be limited to devices with A12 Bionic chips or better.
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It allows developers to tap into the latest computer vision technologies to build detailed virtual content on top of real-world scenes for interactive gaming, immersive shopping experiences, industrial design and more. Apple says ARKit 3 “goes further than ever before, naturally showing AR content in front of or behind people using People Occlusion, tracking up to three faces at a time, supporting collaborative sessions, and more.”