It will launch in early 2018 for $200, with developer kits shipping next month in November.
With this discount, the Rift is around half the price it launched at previous year, when the headset cost $599 and the Touch controllers were $199.
Oculus hardware head Hugo Barra says the headset is created to be light, easily adjustable, and comfortable, with a mesh face cushion that's claimed to be breathable and comfortable. As a result, it's most popular with gamers. The Go will offer an experience sitting between mobile VR and the high-end Oculus Rift, with a level of quality that's better than the Samsung Gear VR, while remaining totally wireless.
Project Santa Cruz will even be able to track the full range of motion of the Oculus Touch controllers, which together with the inside-out tracking will grant you total freedom from your PC and the physical limitations that come with being tethered to it.
Oculus Go was announced with simply an image, price point, and vague release window shown behind Zuckerberg's head on the stage. Facebook is still trying to bring virtual reality into the mainstream, and hopes the new headset will help.
Facebook is also building a new VR feature called "Venues", which Zuckerberg says will let groups of users watch live events, like concerts or sports, in one big virtual room. Facebook already has three other billion-user products: Facebook, Messenger and WhatsApp.