Facebook’s Vision on Reality

Facebook, Inc. (NASDAQ: FB) chief executive Mark Zuckerberg has unveiled his strategy in virtual reality and augmented reality on Tuesday at the annual Facebook Developer Conference, or F8.

The social media giant is now betting on augmented reality. Zuckerberg said the company is making the "first mainstream augmented reality platform out of the camera," called “Act 2.”

"We see something different … in order to create better tools," Zuckerberg said. "We need an open platform where any developer in the world can build for augmented reality without having to first build a camera and get a lot of people to use it."

This came after its rival Snapchat announced it was adding Snapchat Lenses feature, which offers 3-D effects and experiences over real-world photos using the smartphone’s rear camera. Facebook has launched Snapchat-like “stories” feature in Instagram to compete with Snapchat.

The company also unveiled a new feature called “spaces”, which allows users create 3-D avatars, then “meet up” with other users’ avatars in a digital world. The new feature will be used for Facebook video calls and virtual reality headset Oculus Rift.

Facebook share rose as much as 1.28 percent to $142.77 in the early trading in New York.

“Just like Apple built the iPod and iTunes ecosystem before the iPhone, you want to make sure there’s a set of content there, even if there’s not everything,” Mr. Zuckerberg said.

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