Virtual Reality (VR) is technology that immerses the user into a real or imagined digital reality. This is done with Computer Generated Imagery (CGI) or 360 video. The user experiences this reality using a Head Mounted Device (HMD), a mobile device, or a physical installation they can interact with.
360 Video is recorded or CGI, and can be viewed in any direction. Removing the fixed perspective of traditional video immerses the viewer into the scene, giving them their own unique viewing experience.
Although VR is used as a generic term, it also specifically refers to a digital reality where everything is virtual. The user interacts with the world, not only viewing it from any angle, but also controlling their position in 3D space.
Augmented Reality (AR)
The user views the real-world through a HMD or mobile device, and can see virtual elements superimposed onto this reality. As the user moves or changes what they look at, the virtual elements move accordingly in 3D space, as if they’re part of the real-world. The user can usually interact with the virtual elements. Pokemon Go is a good example of AR
Mixed Reality (MR)
Like AR except that when the user moves specific objects in the real-world, corresponding virtual objects move also. This adds to the immersion because the sense of touch is engaged in addition to sight and sound. MR experiences are usually created within custom-made physical installations, in order to make the real-world environment match the virtual one closely.