Also, I was a bit confused by the term "fantasy console" so here's what I've been able to learn with some reading: it seems the PICO-8 is a kind of ultra-simple game VM with it's original implementation being in HTML/JS with access being sold by the creator. At some point, the PICO-8 vm was ported by its creator to work on the CHIP computer, and now the PICO-8 VM is pre-installed on all CHIP computers.
What the OP link is for is an open source implementation of the PICO-8 VM in Rust. This isn't the only open source implementation of PICO-8.
 - http://www.lexaloffle.com/pico-8.php
 - https://getchip.com/pages/chip
 - https://www.youtube.com/watch?v=QTvnYkmtleI
PICO 8 lighting parts one and two:
And an old announcement thread: https://news.ycombinator.com/item?id=10317026
Look beyond the technology and you see a tool that allows you to; play games other people make; let you tinker with; or build your own.
1) What does it mean for PX8 (or any other program) to be "PICO-8 compatible" in this context?
2) Does PICO-8 resemble CHIP-8 only in general concept and name, or also in structure?
My understanding is that it PX8 implements the same Lua APIs that PICO-8 has.
> CHIP-8 is an interpreted programming language, developed by Joseph Weisbecker. It was initially used on the COSMAC VIP and Telmac 1800 8-bit microcomputers in the mid-1970s. CHIP-8 programs are run on a CHIP-8 virtual machine. It was made to allow video games to be more easily programmed for said computers.