What does “mito” mean in Italian slang?

Before this friendship-ring ceremony starts, someone reacts with c’è un mito — “there’s a legend (here).” Mito literally means “myth,” but in everyday Italian, especially among younger speakers, it’s used the way English uses “legend” or “icon”: for a person, a moment, or even a song that deserves to be remembered.

The usage spread widely enough that in 1993 the pop duo 883 built a whole hit single around it, Sei un mito (“You’re a legend”), which helped cement the phrase in everyday speech. You’ll now hear mito or its adjective mitico applied to footballers, actors, songs, and — as here — a good friend.