Superconductivity is the name given to a state where electrical resistance becomes zero. Usually materials reach this state when they are cooled to a particular temperature. During the phase of superconductivity, electrons are capable of moving through the material without experiencing any sort of resistance and thus allow us to carry out transfer of huge amounts of energy without experiencing any kind of heat loss.
Superconductors and Levitation
Superconductors and Levitation 2

Meissner Effect is the name given to the phenomenon when the active magnetic fields in the material are mitigated while superconductivity is being activated since they are no longer capable of acting on the material. The material then creates a resistance within this magnetic field irrespective of its position. Once superconductor has been placed close enough to a magnetic field, it will float. This happens because the object experiences a pull from the field, however, is able to counter and thus stabilizes the force.

Andy Marmery from the Royal Institution of Great Britain has recently used a Möbius strip with about 2000 magnets to demonstrate a superconductivity experiment. The puck that you will see in the video below has been created by adding yttrium barium copper oxide to a liquid nitrogen compartment. Check out the video below and let us know what you think about this amazing demonstration.