Oculus Rift: Virtual reality 2.0

  @FortuneMagazine May 23, 2013: 6:55 AM ET
FUT10 oculus

Palmer Luckey, 20, wants to give virtual reality a second life. The technology -- gadgets that cover the eyes and create 3-D images -- has been a fixture in science fiction since the 1980s but never took off because real-life devices were scandalously expensive. Luckey, a homeschooled tinkerer, has been working on perfecting the idea for three years, taking cues from today's smartphones. His Oculus Rift raised $2.4 million on Kickstarter. No launch date is yet set.

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