This is an example of how magnets can be used for levitation, or hovering if you will. All this is, is simply the force of the magnet overcoming the force of gravity of the magnet and the liquid. In this way, a "hover board" would be nothing other than a force keeping something off the ground, which is just what a normal force is when you have an object sitting on the floor. However, using magnets for levitation is cool because you cannot see the force acting on the object, and the force can also be transferred through things, putting your hand between something being levitated by a magnet would not stop the magnetic repulsion, which is pretty cool to think about and even cooler to see.
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