Watch what happens when a magnet is spun through a copper tube.
The spinning magnet induces a current in the copper pipe, which in turn produces a magnetic field of its own. This magnetic field opposes that of the magnet’s field and thus repels it. The weight of the magnet is still greater than the opposing force so it continues to fall but at a much slower rate.
By rotating the tube before the magnet reaches the base, the magnet can stay in a suspended stage.
Via Oleksandr Hech