As an industry, VR formed a massive bubble in the last decade that is now popping, investors having poured tens if not hundreds of billions of dollars into barely viable business models whose speculative values soared initially, but have now crashed to earth. One need only recall Google Cardboard and other early but now defunct efforts at VR headsets, or more recently the overinflated promises of Magic Leap, to see that the arc of the virtual reality industry has mimicked the early frenzy of the dotcom boom. On the bright side, those brief and less than inspiring toys prepared us for what it to come–advancements in entertainment, education, and training. As a technology that will find an important, permanent place in society, the best days of virtual reality are unquestionably ahead of us.
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