Facebook (NASDAQ: FB) is betting a new virtual reality (VR) world it's creating will ignite the market, with VR glasses someday replacing smartphones. But while the social-media giant is big on vision, its past forays into VR headsets have been light on successes.
Earlier this month, Facebook's VR unit Oculus unveiled Horizon, a new social VR world that will be available next year to customers of its Oculus Quest and Rift VR headsets. Drawing on everything it's learned since acquiring Oculus in March 2014 for $2 billion, the company created a virtual space where people can explore new places, play games, create communities, and interact with other users. Oculus users create an avatar and then access games and experiences that Facebook is creating for this new virtual world. Oculus customers are also able to create their own worlds without needing any coding experience.
Image source: Facebook.