Can someone ELI5 what EVM (Ethereum Virtual Machine) means for a Layer 1 Ecosystem?

Curious what exactly EVM entails? For instance, if an L1 wants to build towards an EVM, are they doing it in solidity? What if it’s a purpose specific chain say for instance, gaming and NFTs like Ronin/Flow? If someone were to launch a native token off that EVM chain – but with their own token standard (so not ERC20) how does that work? What about custom consensus mechanisms?

Does EVM essentially mean: 1. Build own chain with custom scalability, consensus, etc 2. “Turn on” EVM – where developers of Ethereum apps like Curve and ENS, etc can import those apps onto this custom chain? 3. Equals = Reap the rewards of Ethereum apps but on a faster, custom built chain?

I’m gonna need the ELI5 because I’m not a dev but curious about this topic as Ethereum is labeled “the world computer”

Thanks! FYI: Will be cross posting this around a couple threads