A friendship that is based on masturbation. The two friends talk about masturbation and frequently masturbate while talking to each other.
Person 1: Have you heard about Joe and Anna's masturbationship?
Person 2: What's that?
Person 1: They total wank over each other and talk about wanking and stuff.
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A not so popular but a more accurate way of stating you're currently single.
Arthur: So, how is your sex life?
Louis: Well, I am currently in a masturbationship, so it's GREAT!
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A relationship with you where you satisfy yourself sexually. A.k.a. being single.
The other day I potentially saved hundreds of dollars not going on a date .My masturbationship is quite fulfilling and practical!