When a spinning magnet is levitated above the surface of a metal, it creates an eddy current in the metal. This eddy current is constantly changing the polarity of the metal surface below the levitated object, which in turn affects the magnetic force between the two objects. This is basically what keeps the Levitating above magnet the metal in place.

Eddy currents are created in a metal when a magnetic field moves across it. The movement of the magnetic field causes the electrons in the metal to move, creating a flow of electric current. This current is called an eddy current. The eddy current creates its own magnetic field, which opposes the original magnetic field. This opposing magnetic field is what causes the levitated object to stay in place.

For the effect of the levitated object to be noticeable, the levitation has to occur above a very thin metal surface made from conductive material such as copper aluminum, lead or silver with very minimal surface roughness. The metal must also have a fairly large flat surface compared to the size of the levitated object.