Has Apple let its $7 billion iWatch opportunity slide under its feet? While rumors about Apple's (NASDAQ:AAPL) iWatch still abound, Sony (NYSE:SNE) has already shipped its SmartWatch to capture the market.

Unfortunately for Apple, that means Sony now has the first-mover advantage. For $130, Sony's SmartWatch sports a slew of features: It can answer calls, emails, and texts, as well as connect to social networks like Facebook.

Fortunately for Apple, the Sony Smartwatch is unlikely to upset a later iWatch entry into the market. If anything, it seems like consumers will forget the SmartWatch just as they forgot about Sony's e-reader-a product, which launched just one year before Amazon's popular Kindle.

In the video below, Motley Fool contributor Kevin Chen explains why Sony will squander its smartwatch opportunity, and why Apple still has a good chance of dominating the $7 billion industry.