[strayptr]

The main problem is power. There's no way to project light into the retina without power, and it's difficult to get power to the lens without using wires. Induction is promising, but the falloff is dramatic. Meaning your inductive power generator would have to be pretty much on top of your eyes for it to power your contacts.

Glasses plus contacts might be a good idea. The generator could sit on the frames. The contacts would allow you to use a small amount of light to get the same effect as an Oculus, which means much smaller power requirements.

Still, to project light, you need some way of projecting light. It's hard to imagine something that can be embedded into a contact lens which is also transparent. And if it's not transparent, it's not really augmented reality.

Fun to imagine. Hopefully someone will come up with something.