a term used to describe a very short period of time.
In reference to the time counters in old school side-scrolling video games (Super Mario Bros, Ninja Gaiden, Sonic the Hedgehog, etc.) in which seconds counted down much faster than real seconds especially in the final minute. (often accompanied by faster, stressful music)
"Hang on guys, I'll be there in a NINTENDO MINUTE!"
"Tap the next keg. We drank that first one in like 3 Nintendo Minutes."