A little of both in a way. I don't work for a university, but I'm published and a lot of my research is funded, I also ran a successful clinical practice doing work mostly with nightmares although I'm on hiatus from that at the moment.
It's also a hobby though, I keep a dream journal, lucid dream once or twice a week and engineer dreams over the weekend (you don't want to artificially plan your dreams too often as natural dreams are an important part of emotional regulation and insights into your subconscious).
Apologies for the spam, it's something I'm very passionate about and once I get talking with someone about it, I need duck tape across the mouth to shut me up...
You can probably see now why my idea of futuristic technology was dream related
Honestly though, imagine that you want to know what it would feel like to fly out to the edge of the solar system, witness the birth of a star (beginning of life) and get sucked into a black hole (end of life). Or you want to experience what it would be like to be a student at Hogwarts casting magic spells...
Once you get proficient enough at dreaming you've got a totally immersive sensory experience where you can explore those fantasy adventures and although complete fantasy, they feel hyper-real. Those are just one tiny fraction of the possibilities.
One area of research I'm involved in at the moment involves using dreams to help people give up smoking or lose weight. In the future, potentially, you'll go to sleep and when you wake up you'll find cigarettes or junk food unappealing. There's an argument to be made that you can use similar techniques to cultivate attraction or love as well - if you've ever seen Futurama, think of dream adverts, these are theoretically possible (in the lab at least), you could suddenly wake up with a craving for Nike shoes without necessarily knowing why...
Anyway, sorry, I'm rambling