The software we will be using to put all of the parts together and make it into an actual VR environment is Unreal Engine - this is an advanced game production engine owned by Epic Games, who are famous for producing games such as Fortnite and Rocket League. These are both games which require a huge production team, each working on different areas of the game (the aforementioned games pipeline is well utilised). Since this software is used so commonly in the games production industry, it's a good place to start when looking to create a VR environment/asset.
Unreal supports the production of a multitude of different digital medias, not just video games. Of course, games is one of the more commonly used options, but you also have the option to create 3D environments for films, videos, and live events. These can then be tracked and edited (or projected) to create the desired effect. Another option is architecture, where architects can see their projects in real time, and how it would look/act in a lifelike environment. The last common use is automotive design and manufacturing, which can be used in a similar context. I will, of course, be disregarding these latter few options and will instead focus on the games tab.
The default project templates under the games tab are first person, third person, top down, vehicle, handheld AR, and virtual reality. An example of a first person game would be Call of Duty; essentially it is any game where you play looking from a character's eyes. A third person game would be a game like Red Dead Redemption 2, where you play looking at your character from a third person perspective. Many games, such as ARK: Survival Evolved, or even Minecraft, are primarily first-person, but have an option to switch to third-person gameplay. Top-down games, such as Hades, are games in which your camera is a bit further away from the playable character, and often involves more open-space fighting/gameplay. Vehicle games, such as Grand Theft Auto, are simply games where the playable character is inside a car (or sometimes just is the car). A lot of the time these games are also third-person games as well, with the option to be inside or outside the car. AR games (or augmented reality games) such as perhaps Pokémon GO, are games in which your phone or handheld device is a sort of "window" into the game environment. It's similar to VR in that the environment moves as you move your device, however it doesn't have the immersion or digital complexity of a headset. Finally, there are virtual reality games, which I will go into more detail in.