This is not a magical trick. Its "Science".
How? Lets see......
Now, let us see how this happens.
The Physics Behind
Its starts with a single crystal of sapphire wafer and coat it with a thin layer , which is around 1 micro meter thin, of ceramic material known as "Yttrium Barium Copper Oxide"(YBa2Cu3O7-x). The Ceramic layer has no special magnetic or electrical properties at room temperature. However, when cooled below -185oC the material becomes superconductor.
Below image is of sapphire crystal which is coated by ceramic material.:-
It conducts electricity without any resistance, with no energy loss. You can say, superconductivity and magnetic field are enemy of each other. So, when possible the superconductor will expel the magnetic field from inside. This is "Meissner Effect".
In this case, since the superconductor is extremely thin, the magnetic field does penetrates. However, it does that in discrete quantities called flux tubes. Inside each magnetic flux tube superconductivity is locally destroyed. The superconductor will try to keep the magnetic tubes pinned in week areas. Any spatial movement of the superconductor will cause the flux tubes to move. In order to prevent that the superconductor remains "trapped" in midair.
A video showing Quantum Levitation :-
Is it really according to "Meissner effect" ?
Near the surface, within a distance called the London penetration depth, the magnetic field is not completely cancelled. Each superconducting material has its own characteristic penetration depth.
Any perfect conductor will prevent any change to magnetic flux passing through its surface due to ordinary electromagnetic induction at zero resistance. The Meissner effect is distinct from this: when an ordinary conductor is cooled so that it makes the transition to a superconducting state in the presence of a constant applied magnetic field, the magnetic flux is expelled during the transition. This effect cannot be explained by infinite conductivity alone. Its explanation is more complex and was first given in the London equations by the brothers Fritz and Heinz London.
Where Quantum Levitation is used?
Quantum levitation is used in making "Hoverboards."
Students from Tel Aviv University's Group School of Physics and Astronomy have created a quantum locking device that has geeks dreaming of hoverboards. The students' "mystical fizzling" magnetic puck can float above a magnetic track, locked in mid air it moves. Liquid nitrogen drastically lowers the temperature of the puck, which is made of YBCO, explains Olivia Solon at Wired. Once the super-cold puck enters a superconducting state, it becomes "strongly diamagnetic." That means that, when paired with another magnetic field( in this case, a magnetic track),"it will create an equally opposing magnetic field, locking in place."nudge will send the elevated puck zooming around the track.
In future, it will be used in transportation as "Maglev train" is used in Japan.
See:-
Maglev is a system of transportation that uses "Magnetic levitation" to suspend, guide and propel vehicles from magnets rather rather using mechanical methods, such as friction-reliant wheels, axles and bearings. Maglev transport is a means of flying vehicle or object along a guide way by using magnets to create both lift and thrust, only a few inches above the guide way surface.
A video on Maglev :-
Levitating Pyrolytic carbon.)