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When I started my career 3G was the hot topic, and every investor kept asking ‘what’s the killer app for 3G?’ It turned out that the killer app for having the internet in your pocket was, well, having the internet in your pocket. But with each of those, we knew what to build next, and with VR we don’t. That tells me that VR has a place in the future. It just doesn’t tell me what kind of place.

The successor to the smartphone will be something that doesn’t just merge AR and VR but make the distinction irrelevant - something that you can wear all day every day, and that can seamlessly both occlude and supplement the real world and generate indistinguishable volumetric space.

In other words, when Kylie Jenner posts a petition demanding that Meta “Make Instagram Instagram again”, the honest answer is that changing Instagram is the most Instagram-like behavior possible.

The first trend is the shift towards ever more immersive mediums. Facebook, for example, started with text but exploded with the addition of photos. Instagram started with photos and expanded into video. Gaming was the first to make this progression, and is well into the 3D era. The next step is full immersion — virtual reality — and while the format has yet to penetrate the mainstream this progression in mediums is perhaps the most obvious reason to be bullish about the possibility.

The second trend is the increase in artificial intelligence. I’m using the term colloquially to refer to the overall trend of computers getting smarter and more useful, even if those smarts are a function of simple algorithms, machine learning, or, perhaps someday, something approaching general intelligence.

The third trend is the change in interaction models from user-directed to computer-controlled. The first version of Facebook relied on users clicking on links to visit different profiles; the News Feed changed the interaction model to scrolling. Stories reduced that to tapping, and Reels/TikTok is about swiping. YouTube has gone further than anyone here: Autoplay simply plays the next video without any interaction required at all.