The Oculus Rift is a virtual reality, head-mounted display being developed by Oculus VR. Oculus VR founder Palmer Luckey developed an idea for the new head-mounted display that would be more effective and inexpensive for gamers than ones on the market. In August 2012, the “dev kit” version of the Rift was given as a reward to backers who pledged $300 or more on Kickstarter. The kits sold at a rate of 4-5 per minute the first day. In March 2014, Oculus announced the Devkit 2 (DK2).