Definition:

A Maskquerade Ball is any social event regardless of sophistication in which participants gather, wear protective masks, and at least provide lip service to following social distancing guidelines to stop the spread of Covid-19. Costumes, decadence, and/or haughty self-absorbed party guests may be present but not required unlike Masquerade Balls.

Briefly, "the realization that each random passerby is living a life as vivid and complex as your own." Originally from the Dictionary of Obscure Sorrows, which has a lot more beautiful neologism definitions like this you might enjoy.