Companies are always in the race to make the most realistic VR or AR tech, from companies like HTC and Oculus currently in the lead and more companies coming out every day. TEGway, a spin-off of the Korea Advance Institue of Science and Technology has created what they are calling TED, short for Thermo-Electric Device. This device can simulate heat and cold on the grips of a device, with temperatures ranging from 4 degrees to 40 degrees. It can even emulate pain by releasing heat and cold at the same time, giving a pinching sensation.
An example of real world application is, wrapping TED around the HTC Vive controllers and a video was played showing a man diving into cold water, deeper the man went, the colder the controller got and as he surfaced the temperature of the controllers went back up. As for the pain example, the writer from Engadget mentions that he could feel the controller getting hot and cold at the same time and seconds later he felt the pain, dropping the controllers immediately. It is unsure how much pain he felt but he said that it felt like a bug poked its head out to bite him.