For decades, hobbyist and high priests controlled computing and the internet. The rise of the iPhone and the iPad—and those that followed—made computers' incredible power available to everyone, destroying entry barriers and causing an explosion of apps. Facebook buying the amazing Oculus may have the same effect, bringing virtual reality into everyone's living rooms. And that, my friends, is going to be awesome.
No, Facebook will not use Oculus to turn your wall into a stupid 3D world. That's just dumb and anyone thinking that is not really thinking. Facebook is a distribution platform—of information and apps. One with zillions of consumers ready to buy. And that means that everyone would want to develop for a device that is part of the platform. A virginal new continent full of opportunity. And with that, innovation—beyond pure games and entertainment—will come, making truly immersive virtual reality as ubiquitous in our homes as our tablets are now. It will be great for normal consumers and every hobbyist as well.
Imagine that. Being able to get lost in thousands of alternative worlds with everyone connected. Eventually, these worlds will feel so real that we will not be able to tell where reality ends and the virtual reality ends. It has the potential to become an incredible thing. The Next Big Thing. The beginning of the Matrix, if you want. A Matrix that may be good and bad—one that may become a dreadful drug for many and an awesome empowering tool for others.
But regardless of its social and philosophical implications, a fully connected platform with a window into endless virtual worlds has the potential of changing the world as we know it.
Don't take my word for it. Brian Barrett has a much better explanation below.