The quality or state of being fabulous; extraordinary or remarkable nature.
From fabulous (from Latin fabulōsus, meaning 'made up' and later 'incredible') + -ness suffix. The meaning shifted from 'false/legendary' to 'impressively wonderful.'
The word 'fabulous' originally meant 'false and made-up,' but somewhere around the 1700s it flipped to mean 'amazingly wonderful'—the opposite meaning!
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