Virtual reality technology company Oculus VR has unveiled Crescent Bay, the third major version of the Oculus Rift virtual-reality development kit.

Crescent Bay has 360 degree motion tracking, improved optics and lighter weight. Although this feature is optional, it could come with integrated audio. The headphones, the Crescent, can be removed to accommodate the user's preferred headset.

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"None of this is perfect yet, but it's much, much better," said Brendan Iribe, Oculus' chief executive officer to an audience of developers at the Oculus Connect conference in Hollywood. "It's in a state that we are prepared to show you today."

Iribe's company is currently holding its Connect conference in which Oculus VR is working with developers to gear up for the launch of a consumer version of the virtual reality headset. The VR tech firm made the Crescent Bay development prototypes by hand, and will allow attendees to try out the device for themselves.

"The progress we have made is incredible," said Iribe. "I cannot wait to see what we accomplish over the next few decades."

Meanwhile, electronics manufacturer Samsung has built its own version of a virtual reality headset, the Gear VR.

Its price is less expensive than some of smartwatches. But the catch is the Samsung Gear VR still needs to pair with an exclusive device to function.

Despite all its bells and whistles, the Samsung Gear VR is essentially a smartphone accessory exclusively made for the recently unveiled Galaxy Note 4 phablet.

Though the Gear VR is equipped with motion sensors, buttons and touchpads, it won't be able to function without a smart device such as the Galaxy Note 4.

The Samsung Gear VR will probably retail for US$199.

TagsOculus VR, Oculus Rift, 3D, 3D headset, Crescent Bay, Virtual Reality, virtual reality headset