Now playing: Watch this: Polaroid's Z2300 is a printer, digital camera in one

In a world full of phones with built-in cameras and instant online sharing, there isn't a whole lot of room for a new Polaroid camera. But it seems like there should be some room, which is what Polaroid is no doubt banking on with the Z2300.

The 4.7x3x1.4-inch box is a fairly basic 10-megapixel camera, but the 3-inch LCD pops open to reveal a cavity for Zink's Zero Ink printer paper, a technology it's used in its PoGo instant printers. The 2x3-inch paper is an advanced composite material with embedded cyan, yellow, and magenta dye crystals. The crystals are clear before printing, but change to the appropriate colors when heated by the printer. Unlike Polaroid Instant Film, there is no waiting for the picture to develop and it takes less than a minute to print a single photo.

Again, take away the printer and you have a simple point-and-shoot digital camera that stores pictures and movies on an SD card. You can set it to automatically print every photo or pick and choose the ones you want printed. The camera lets you add frames or you can print with the classic Polaroid border, and sticky-back Zink paper is available, too.

The Polaroid Z2300 is available for preorder for $159.99 and is expected to ship mid-August. Packs of 50 prints sell for $24.99 and 30-sheet packs go for $14.99.