The Virtual Boy was an early attempt at virtual reality gaming and was released by Japanese gaming company Nintendo in 1995. The console was considered a commercial failure and was discontinued less than a year after it was launched.
According to Steve Bailey, senior games analyst at IHS Technology, the Virtual Boy failed on several front as it was too expensive, offered a poor experience, and its games didn't convince users.
"It's very easy to sell the idea of VR, but its technical and commercial realization is rife with challenges, as Nintendo discovered first-hand all those years ago," Bailey told CNBC via email.
Nintendo has not announced any public plans for virtual reality games, but may do so in the future.
"In the long-term, I'd see Nintendo making games for VR, but not in the short-term. This is because Nintendo prefers to turn a profit on its hardware, and make innovative use of reliable, cost-effective tech," explained Bailey. "I don't think that VR is currently in a position to represent either of these things to Nintendo just yet."
There are high expectations on VR. Several devices, including the Oculus Rift and the HTC Vive, will be released this year. CCS Insight predicts over 24 million VR devices will be sold by 2018.
Follow CNBC International on Twitter and Facebook.