means A woven fabric, traditionally of silk and now often cotton or synthetics, with a dense, short pile that gives it a soft, plush surface and a faint sheen.

from From Old French 'veluotte', built on Latin 'villus' meaning 'shaggy hair' or 'tuft' — the same root that gives us 'villous,' a word for anything hairy or fuzzy. So at its heart, velvet is just a very dignified way of saying 'this cloth has a nap of tiny standing tufts.' The luxury came later, when silk velvet became staggeringly expensive to weave; the etymology only ever promised you fuzz.