The US Patent and Trademark Office (USPTO) recently published a Motorola patent application that appears to present the idea of a Google Nexus smartwatch.
Filed under a wearable device, the images from the patent obviously show Google and Motorola are talking specifically about a new smartwatch, and although specific details and full specs are not yet known, the patent does give away some key features of the device.

Telephone keypad built into the strap
The Google Nexus smartwatch could feature a built-in telephone keypad on the watch’s strap. The patent says the watch could "provide a telephone keypad, for example, that is disposed along the strap of a wearable device, and that uses no electronics whatsoever. Since the strap is constantly flexing, the lack of electronic parts afforded by embodiments of the present invention is highly beneficial and results in enhanced reliability, usability, improved style, and more aesthetically pleasing form factors."
Buttons to launch functions on strap
Integrated touch buttons could also appear on the strap, whereby they can be used to launch different apps. Specifically, a user would ‘pinch’ the strap to operate these buttons.
"When the pliant material of the strap is stretch, such as when the strap is stretched tightly about a user’s wrist, this can be used to launch applications…"
Image courtesy Patently Apple