It sounds like a hoax but it's certainly no joke and amazingly this story is true!
Google has designed a cheap cardboard based virtual reality headset replicating the functionality of Oculus VR's 'Oculus Rift'. Google's version of this device however consists remarkably of a folded cardboard structure with two plastic lenses, and it's all held together with an elastic band and a few bits of Velcro.
The device is designed to contain a smart phone inserted into a holder which is used as the display for what then becomes a fully functional VR headset when assembled. Google has showcased the product with 3D StreetView images and VR tours that include trips beyond Earth into space.
The device is basically a delight to everyone wanting to experience VR on a budget, so perhaps the era of the 'Oculus Thrift' has just arrived?!