With the simultaneous exponential advances in various Computing fields, world is evolving at a pace unlike ever before. Virtual Reality (VR) is quite old field, but it has gained an unprecedented momentum in recent years. Despite this, the vision of the present (and the future) of virtual reality is very blurred. It is mostly made up of imaginations, and inspirations from science-fiction movies & novels, not the present truth. In this research, we try to clear that vision by throwing light on the current status of Virtual reality, and the imminent future. We describe Virtual reality, its need, immersion, and some unofficial meanings of the term. Then, we observe the future of VR as the convergence of Open World video gaming, and the VR Technologies. We derive the components of a true VR system, as the union of the essential-components of the two, and also propose a model of Virtual Reality. Finally, we compare these components of VR system with the components of Maya (i.e. our real world as a system). Surprisingly, there is sheer resemblance between the both.