Meta Platforms (NASDAQ: META) is well-known for its social media platforms like Facebook, Instagram, and WhatsApp. But what some investors might not realize is that roughly 10 years ago the company acquired a virtual reality (VR) start-up called Oculus. While the initial thesis revolved around Meta's interest in the gaming market, Oculus might now present even broader opportunities -- namely, the metaverse.

While advertising still delivers the majority of Meta's revenue and profits, the company's pursuit of the metaverse shouldn't go overlooked. More specifically, the investments Meta is making in artificial intelligence (AI) could help unlock the next phase of growth for the social media behemoth. And considering that Meta has been working on virtual reality projects for nearly a decade via its Oculus portfolio, there is reason to believe the company has a massive edge in virtual and augmented reality relative to its peers.

While VR is currently a nominal part of Meta's business, some on Wall Street are calling the company's technology a "gamechanger" -- specifically, famed investor Cathie Wood, founder and CEO of Ark Invest. The investment management firm recently released a report detailing Meta's latest foray into virtual and augmented reality (AR) -- smart glasses.

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Source Fool.com