By Daniel Hunter

Facebook has announced it will purchase virtual reality firm, Oculus VR, for $2bn (£1.2bn).

The virtual reality specialists’ flaghsip product is goggle-style “immersive” headset designed for video gaming, called Oculus Rift.

Mark Zuckerberg said Oculus technology could “change the way we work, play and communicate”.

Although Oculus Rift hasn’t yet been released, Facebook says more than 75,000 orders for development kits have already been made.

In a statement, the social media company said it plans to use Oculus technology for “communications, media and entertainment, education and other areas”.

Oculus VR began by raising finance through Kickstarter. It’s initial crowdfunding campaign raised $2.4m (£1.5m) more than 10 times the amount it wanted.

Since then, it has received a further $75m investment.

Facebook will pay for the company through $400m in cash and 23 million Facebook shares worth £1.6bn.

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