The story
From Never + land. The term was most famously used in J.M. Barrie's Book, Peter Pan, as the name of the fictional island that the Darling children visit with the title character. Compare utopia, which is semantically Ancient Greek οὐ (ou, “not, no”) + τόπος (tópos, “place, region”), suggesting a nonexistent place.
Etymology from Wiktionary, CC BY-SA 4.0.