early 15c., "as far as essential qualities or facts are concerned;" from virtual + -ly (2). Sense of "in effect, as good as" is recorded from c. 1600.
Entries linking to virtually
virtual adj.
late 14c., "influencing by physical virtues or capabilities, effective with respect to inherent natural qualities," from Medieval Latin virtualis, from Latin virtus "excellence, potency, efficacy," literally "manliness, manhood" (see virtue). The meaning "being something in essence or effect, though not actually or in fact" is from mid-15c., probably via sense of "capable of producing a certain effect" (early 15c.). Computer sense of "not physically existing but made to appear by software" is attested from 1959.
-ly 2
common adverbial suffix, forming from adjectives adverbs signifying "in a manner denoted by" the adjective, Middle English, from Old English -lice, from Proto-Germanic *-liko- (cognates: Old Frisian -like, Old Saxon -liko, Dutch -lijk, Old High German -licho, German -lich, Old Norse -liga, Gothic -leiko); see -ly (1). Cognate with lich, and identical with like (adj.).
Weekley notes as "curious" that Germanic uses a word essentially meaning "body" for the adverbial formation, while Romanic uses one meaning "mind" (as in French constamment from Latin constanti mente). The modern English form emerged in late Middle English, probably from influence of Old Norse -liga.