Previously, the Gear VR enabled you to see individual 360 photos and videos on Facebook in VR, as opposed to merely swiping through them on your phone’s screen. The app takes that further by allowing you to explore 360 photos and videos while staying within virtual reality. You will be able to explore new 360 photos and videos, view saved 360 media, see 360 media from those you follow, and see your own 360 media, all from within the Facebook 360 app.
Meanwhile, Facebook has been working on a Facebook VR experience for the Oculus Rift and possibly other VR headsets, demo’d at Oculus Connect 3. That VR version of Facebook will enable you to meet and interact with other people in VR, as well as visit virtual places together. However, Facebook hasn’t announced when it will be released.