First Generation Moto 360 And LG G Watch Owners Won't Receive Android Wear 2.0
However, if you’re an owner of the first generation Motorola Moto 360 or LG G Watch, you’re being left out of the loop. Both companies have confirmed that neither smartwatch will receive the update, even though both have “only” been on the market for two years.

It shouldn’t be too surprising that the Moto 360 is being kicked to the curb, as the smartwatch debuted with an already outdated SoC: the TI OMAP 3 processor. Texas Instruments abandoned development of smartphone and tablet chips, so it doesn’t make much sense for Google to continue devoting resources to devices running on relatively ancient hardware. And we also can’t forget that the first generation Moto 360 has just 512MB of RAM and a 1GHz single-core processor, which would likely provide a poor user experience with the newly “independent” apps in Android Wear 2.0.
@timo_capa Unfortunately, Moto360 1 Gen will not receive the new update 2.0
— Motorola Support (@Moto_Support) June 10, 2016
@konrad_it Sorry it's not on our current software update list and it's been discontinues. ^JK
— LG USA Mobile (@LGUSAMobile) May 24, 2016
As for the G Watch, LG has discontinued support for the watch, which is powered by the popular [for Android Wear devices] Qualcomm Snapdragon 400 processor.
It’s a little disconcerting that these expensive timepieces are being left in the dark after a relatively short time on the market. The Moto 360 debuted at $250 in 2014 and was the standard bearer for the Android Wear platform. You don’t want to scare off potential customers that are plunking down hundreds of dollars for a device that many already see as an already frivolous addition to our digital lives by denying them access to future updates.
Android Wear 2.0 features a revised user interface and give apps direct access to Bluetooth, Wi-Fi and cellular connectivity without having to use your smartwatch as a middleman. The major OS update also brings with its handwriting support and an onscreen gesture keyboard for text entry.