With the emergence of VR headsets from Oculus and other companies as well, Iribe boldly predicted that these gadgets will someday become common household devices like personal computers.
However, the executive noted that it may take some time before this actually happens.
"It is going to take a while," he said. "One thing that gets every so excited about virtual reality is that it's the Holy Grail. We've imagined this for so long. We've seen it in movies, and TV shows."
"People need to reset their expectations and know that just like PCs or mobile devices which originally started with the Palm Pilot, it took a decade or two to get to the iPhone," he added. "It took a long time for that platform to mature."
Like the evolution of smartphones, Iribe believes VR headsets will also go through various stages before they become sleek-looking devices. For now, people will have to get used to the clunky design of the Oculus Rift headset, according to Business Insider.
"Virtual reality is going to take a while to mature," he said. "It's going to start out with kind of a big ski-goggle form. Overtime it will get closer to sun glasses or some kind of form-factor that's a lot easier for the average person to adopt or enjoy and carry around with them."
"We're at the very beginning of virtual reality," Iribe added.
There is still no official word yet from Oculus as to when the consumer models of the Rift will be released. Iribe noted that for now, the company is focused on delivering a product that will be comfortable to wear and use, IGN reported.
"We want to make sure that when you do buy an Oculus in the future, that it's a comfortable experience," he said. "We want it to be a really comfortable experience when it's mass marketed."
"It's probably going to be a little big," he added. "It's going to be ski-goggle form factor in the beginning, it's not going to be sunglasses for a while. But we want it to be comfortable."