Basically, the NOWSPACE refers to the Plex community, however the origin of the name is a bit more complex.
Self-named Postmaster General Russell-Jay: Gould is the muse of the NOWSPACE and has discussed it with his friends. We think it refers to the current time and space, maybe. You'd have to ask Russell-Jay: Gould for more information, but be sure to ask using Quantum Grammar.
We - the community of the Plex - do not truly understand his concept of the NOWSPACE, yet we have been inspired by the idea of what the NOWSPACE could mean.
So inspired, we were compelled to co-opt the term and have since applied it to any and all the activities and states of mind of the Echoplex Media community: a hyper-cynical, ever-critical, and witty group of folks. This fantastic community is what we now refer to as the NOWSPACE.
All anyone really needs to know about the NOWSPACE is that when a new person in the chat sees or hears reference to the NOWSPACE, this is in reference to the community. The NOWSPACE is what is happening now, during an Echoplex Media stream, and will never be the THENspace or the FUTUREspace. Only NOW.
No, we don't know why. You'll have to ask Russell.