When Facebook acquired Oculus Research in 2014, the AR/VR company was renamed Facebook Reality Labs and members of the press speculated as to how the acquired Oculus IP (intellectual property) would be used to optimize augmented reality (AR) and virtual reality (VR) capabilities in the Facebook and Messenger platforms.
Facebook Reality Labs research and development (R&D) initiatives include both software and hardware development. Hardware initiatives include the Oculus Rift VR headset, as well as the portable untethered Oculus Quest. Software initiatives include 3-D chat avatars, as well as app features that facilitate environment tracking and haptic feedback.
This video from CBS This Morning provides a glimpse into some of the projects Facebook Reality Labs is working on.