VR has been a technology similar to 3D films, that reached a peak of overinflated expectations towards the 90's then mostly, heading into obscurity and skepticism for many years. With the consumer launch of the Oculus Rift and Microsoft Hololens and other displays, expectations are once again rising about the disruptive effect this technology will have on gaming, human computer interaction, and society.
Virtual Reality as a tool for sensory substitution, extension, enhancement
VR holds many possibilities including as a simulation test bed for transhumanist ideas, VR worlds for developing AI, space settlement simulations, as a method of experiencing novel perspectives and capabilities, i.e. what it would be like to have superpowers, and therefore as a tool for transhumanist design. It could even be used for paradise engineering of the sort advocated by David Pearce
The immersive potential of VR has made is the subject of speculation around new forms of prospective ethical principles and safety recommendations.