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Fact #1. The basic execution of virtual reality has been the same since the early 1980s. In fact, the video game crash of 1983 changed history. To that point, Atari owned the video game market. They started a separate lab for VR in 1981. When the industry collapsed, so did that lab.
Fact #2. The next decade saw virtual reality become something of a joke. It was relegated to cheap toys or games peripherals. Nintendo revived the home video game market in 1985 with the Nintendo Entertainment System. It took them a decade to get into VR. Films like Lawnmower Man already made it seem goofy. But the Virtual Boy was another nail in the coffin.
Fact #3. Many people can lay claim to be the originator of VR. The earliest is probably Stanley Weinbaum. The writer was only 33 years old when he published "Pygmalion's Spectacles." This short story explored what we have come to know as virtual reality. Later, Jaron Lanier became the first person to sell VR goggles and gloves. He was involved in that Atari lab before that. Most recently, Palmer Luckey became the poster boy for the dream.
Fact #4. The most recent explosion of Virtual Reality has two main trends. They're split up by price tag and accessibility. The high end of it is meant to interact with expensive computers or game consoles. These are the Oculus Rift, Playstation VR, and the HTC Vive. They are dedicated systems that play high end software. The cheaper end are things like the Gear VR, Google Cardboard, and other smartphone-based solutions.
Fact #5. You shouldn't confuse it with Augmented Reality. Both technologies are being developed right now. In Virtual Reality, one or two screens are used to recreate the natural variations in your eyes. This means that you become immersed in another world entirely. In Augmented Reality, the world is overlaid with something else. This means that you continue to see what is really around you.