A very thin disk of sapphire, coated with yttrium barium copper oxide, is dunked in liquid nitrogen until its temperature is about -300 degrees Fahrenheit. This makes the disk able to conduct electricity without resistance or loss of energy, making it a superconductor.
When an object transfers from its regular state to its superconducting state, it consistently gives off magnetic fields from its interior, leaving only a thin layer on the surface. This is known as the Meissner effect. Superconducting objects are also diamagnetic, meaning when an outside magnetic field is applied to it, it will exert a magnetic field of its own to counteract the outside field, locking it in place.
In the linked video, you will see that some of the researchers at the Tel-Aviv University have created a track of magnets in a large circle. When they place the superconducting disk above it, it locks into place. This occurs because the fields oppose one another, but there is still some of the magnetic field that gets through, and creates what is known as flux tubes. These tubes move, but the superconductor tries to stop it, which makes it appear to freeze in mid-air. The disk can be tilted at different angles, can be suspended both right-side up and up-side down, and can be sent flying around the track.
Now, don't start putting hover-boards on your Christmas lists just yet. Quantum levitation can only be achieved by having a superconductor like this. Until a superconductor can be created that doesn't need to be -300 degrees Fahrenheit or colder, you probably won't see them mass produced anytime soon. Regardless, it's quite a fun little experiment, isn't it?