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General Augmented Reality - Yes some apps that would be considered AR can be made w/ Corona. I wrote a game for a client last year that cared where in the world and what physical features were nearby to make game decisions and present you with ‘encounters’. (Game not released unfortunately as he got sidetracked by a bigger opportunity which I’m also coding for him.)
Note: I can’t give any more details that the above general statement till I get the OK from client or it is finally released.
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AR the way you described it (a very specific application of the concept). No. I don’t think you could do that exact kind of app in Corona. At least now without doing some Enterprise coding and using some sophisticated image analysis code, and likely other bits like tracking phone orientation and position.
Wasn’t Vuforia specifically designed for AR? If so, we’re talking apples and oranges comparison. Corona is a general SDK.
Maybe you could integrate elements of Vuforia w/ Corona via enterprise?
Note: AR is much more than a specific usage like Pokemon Go which is what it sounds like you’re describing. Corona can be used for a number of games and apps that would be considered AR.
PS - Some will disagree w/ my last statement which is cool, as I’ve read definitions of AR, but I tend to think any app that cares where you are in the world and adds additional data on top of that is enough to be AR.
However, with the current Pokemon Go craze and the strong interest in various visualization technologies, most people will think that an app/game is only AR if it involves the overlaying of virtual elements onto a real-time video or camera capture. Fair enough.
TL;DR No I don’t think you can make a Pokemon Go style game in Corona Pro, but you might be able to w/ Enterprise.