"In Japan, it's known as masking tape (マスキングテープ) and the most renowned brand of washi tape is simply called mt - which stands for "masking tape". The term "washi tape" refers to the fact that the tapes are made from Japanese rice paper and differentiates it from typical masking tape you might find in the hardware store.

This type of tape comes in many colors and patterns. Some art journalists like to use washi tape to create designs on their pages.

Here are some examples

Here are two video tutorials on how to make your own Washi tape.

And a cool way to store it as well