Meta (used to be Facebook) has announced that it is still developing Oculus Quest 3. This was a relief to many Oculus Questfans who thought that Meta's much talked about Project Cambria (another VR headset project) spelled delays - or even cancellation - of the Oculus Quest 3 headset.
As far as the release date of the Oculus Quest 3, there is no definite date announced. However, with project Cambria set to release in 2022, it is thought that Oculus Quest 3 will be released in 2023 at the earliest. Considering that the Oculus Quest 2 had an update in mid-2022 (the base model storage went up to 128GB), 2023 sounds right to us.