Well, without more context than that, it's pretty difficult to come up with anything more than a very literal interpretation of the words.
new world-like virtual realities = computer generated images and scenarios that mimic the real world.
multi-dimensional physical realities = real world objects that have three dimensions. A glass of milk is a multi-dimensional physical reality, as is a goat, or a stove, or a sandal, or a flower, etc.
Alan.