A bastardization of the word "fantastic" with the word "fuck" added in for intensification.
It originated from the commonly used phrase "fucking fantastic" and was scrunched down into one word for simplicity.
Other similar words are "Infuckingcredible" and "Unfuckingbelievable"
"That show was totally fanfuckingtastic, no?"
"I had a fanfuckingtastic time today, Jane."
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