Meta Platforms Inc. today shared new details about its investments in the metaverse and announced plans to release an updated version of the Oculus Rift 2 virtual reality headset next year.

Meta got the Oculus line of VR headsets in 2014 through a $2 billion investment startup acquisition. Since then, the social media giant has brought several new VR headsets to the market. The Oculus line of headsets is a major component of Meta’s plan to build the metaverse, envisioned as a future version of the internet that would include more elements of virtual reality and augmented reality.

The company’s metaverse effort is led by its Reality Labs division. Andrew Bosworth, Meta’s chief technology officer and head of Reality Labs, said Axios today that the company is investing “around 20%…