As I detailed last week, Facebook’s annual F8 conference would bring some news regarding its software and interface plans heading into the future.

Facebook delivered.

Highlighting the conference was the introduction of Facebook Spaces, a marriage between augmented reality (AR), virtual reality (VR), video chat, and 360-degree camera technology. Combined with an Oculus Rift VR headset, Facebook is planning to create a virtual meeting space, where your avatar meets in an online space with your friends. You can overlay photos and graphics into this new interface, adding new, fun dynamics to a traditional video chat.

This thing really is wild, and once again marks Facebook’s dominance when it comes to social media product development.

Of course, there are caveats. The Oculus Rift VR hardware will set you back about $600, which is more than most casual Facebook users are willing to shell out for an innovative new feature. Most of the Facebook user-base is presumably satisfied with scrolling their timelines, connecting with their friends, and updating their statuses the old-fashioned way.

Regardless of how popular Facebook Spaces proves to be, it’s just another sign of the company’s commitment to constant evolution.