A contraction of the nouns 'irony' and 'fire'; invented due to the poor naming of items in the Nintendo 64 game 'Legend of Zelda, Ocarina of Time'.
In the game exists an item named 'Cold Fire'. In a sense, it is very crudely ironic that fire can be cold. Hence, to liven up the name, 'Cold Fire' was named 'Firony' by some gamers.

A buzz word being used to refer to creators and influencers forming or encouraging unhealthy relationships with their fans. Usually used in the context of young audiences feeling they have a relationship with the influencer due to the huge amount of the influencer’s content they consume. The influencer in question, however, is unaware of the fan’s existence other than the general knowledge of having fans. Common examples include Dream and his stans. These relationships are exacerbated by the influencers confirming they have more than a creator-to-viewer relationship.

The word is circulating due to various YouTube essays about the phenomenon using the word, and therefore people who enjoy complaining about influencers repeating what they heard in the video in any comments section they can find.