Virtual Reality (VR) means a near-eye display that completely blocks the real world and replaces it with a simulated display. VR displays have been around for a long time - the first VR head mounted displays (HMD) were introduced in the 1960s, but these devices, and those devices that followed it for 50 years suffered from many problems due to primitive technology.
Everything seems to have changed in 2012, when Oculus Rift raised $2.5 million on Kickstarter to develop its VR HMD. Less than 2 years later, the company was acquired by Facebook for $2 billion, and the VR market finally emerged. A good VR experience requires a high end display that features fast response time, high resolution, power efficiency, light weight, and more. OLEDs are the perfect choice for VR displays - especially due to the technology's low latency (as opposed to LCD displays, which are notoriously slow).
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