The alpha version of the app has been available for sometime. Now, every Gear VR user (their avatars, that is) can play multi-player games, attend social gatherings and even watch YouTube/Twitch/Periscope videos with other people within the application.
"Until now, the social VR and other capabilities of AltspaceVR have been delivered through well-equipped PCs, typically configured with high-end processors and video cards for video gaming applications, keyboards and other input devices," AltspaceVR wrote in its announcement post. "Due to recent development breakthroughs, AltspaceVR can now provide essentially the same capabilities using only the resources of a smartphone. As a result, Samsung Gear VR users can enjoy a full-featured AltspaceVR experience that is mobile, simple, and low cost."
*Update: AltspaceVR is compatible with Oculus Rift DK2, and it will also work with the consumer version of the headset that's coming out this year.