VR? Probably not. But, having 'glasses' overlay a reality of your own choosing upon the 'real' world? Most definitely yes. Check out Magic Leap or Hololens. That is the future. We may have to wait for Apple to come out with their version before the public at large catches on, but I have no doubt that in a decade or so, smartphones will be wholly replaced by AR devices.
For me, the ultimate depiction of how a world like that can work is presented in Rainbows End by Vernon Vinge. Highly recommended.