Virtual reality will replace smartphones, says Oculus founder

"I believe [virtual reality] is going to be more ubiquitous than the smartphone," Oculus VR founder Palmer Luckey said at Web Summit 2015 earlier this week.

Luckey has been one of the most important pioneers for virtual reality. He's been working on a better, more affordable virtual reality experience long before his successful 2012 Kickstarter campaign for the original Oculus Rift headset, which raised millions and sparked renewed interest in virtual reality. Facebook purchased Oculus for $2 billion in 2014.

On Tuesday, Luckey argued the merits of virtual reality - as well as augmented reality, the technology that overlays virtual elements on top of the real world (see: Microsoft HoloLens, Magic Leap).

"Eventually AR and VR technology will converge and combine," Luckey said, according to CNET. "You'll wear it all the time or carry it around with you all the time. I'd be very surprised if 50 years from now we're still all carrying around slabs in our pockets when you can just project a virtual environment."

Read more from Luckey's Web Summit interview discussing the merits and obstacles of virtual reality over at CNET.