A term that become popular during the Great Dot.Com Bubble. It implies a work place featuring a sweatshop-like environment (long hours, bad ergonomics, generally unhealthy conditions, and mind numbingly boring tasks) yet the perks of the job make it difficult to leave. The velvet comes in the form of stock options (I hear you laughing, little mister!), good pay, bonuses, free snacks, beer Fridays, free video game lounges, SWAG, foozball tables, etc. Some companies even installed not just showers but washer/dryers so their employees never had to go home!