YouTube had launch special features which gives a platform to view 360 degree videos, and could serve a new craze in this modern era.
As the name suggest, (360 degree video), you could record the video in all the directions at the same time by either using omnidirectional camera or by multiple cameras.
(YouTube only provide you the interface to view such kind of videos).
VR stands for Virtual Reality. This feature allows you to watch videos using VR headsets or Google cardboard which makes video looks like real and it also provides a great fun to user and this evens works better with 360degree videos.