There were a variety of announcements throughout the keynote, by Zuckerberg and other Oculus executives, but the takeaway was simple: Oculus intends to build the Metaverse.

If it seems like you've been hearing about virtual reality (VR) a lot lately, it's not just you; 2016 has been a banner year for "New Reality" or "Plureality" technologies, also including augmented reality (AR) and mixed reality (MR).

Over the past two years, the festival -- the first and premier event of its kind -- has featured the most envelope-pushing virtual and augmented reality narratives in the world, and with over 30 pieces on display, this weekend is set to be the most exciting yet.

We've been dreaming about virtual reality for a long time. So long, in fact, that some are skeptical that it's really here to stay.