For historic reasons, here's Michael Abrash (previously Valve, now Oculus) 2014 presentation for what's now largely accepted as the baseline for VR:
Direct PDF Link
- Minimum 80degree FOV
- Slightly below 95hz framerate likely (he only had a 95hz screen to experiment with)
- Max 3ms light/pixel persistence (low-persistance)
- Global Shutter/update screen (all pixels light up at same time)
- Full 6 DOF head-tracking within 1.5x1.5m volume (orientation and position/translation)
- Millimeter precision translation, quarter-degree precision orientation
- Max 20ms latency (25ms maybe good enough)
- All of the factors above has to be met
Going by these qualifications then one can say that the Oculus Rift is the first true Virtual Reality device to release to market (and not i.e Samsung Gear VR or... Nintendo Virtual Boy).