There was a lot of hype about VR ad then it seemed to go pretty quiet. So where are we right now? Bigscreen founder Darshan Shankar and a16z general partner Chris Dixon take the pulse on VR, AR, and mixed reality — especially where it’s going the next 24 months — in this episode of the a16z Podcast.

The conversation surveys some of the key platforms and devices — from ARKit to the various headsets from various players — to where we are in hardware, software, functionality, immersive experience, and perhaps most importantly, content. Are these destined to be just fun gadgets, or will they become new tools that demand continuous use and engagement? When will VR finally have its “iPhone moment”?