
The metal melts because of a principle called induction heating - the same principle used in induction stoves. The heat comes from the magnetic field that levitates the piece of metal. Levitation is accomplished by providing an upward force that counteracts the pull of gravity (in relation to gravity on earth), plus a smaller stabilizing force that pushes the object toward a home position whenever it is a small distance away from that home position.
At around 80 °C, a magnet will lose its magnetism and it will become demagnetized permanently if exposed to this temperature for a period, or if heated above their Curie temperature. Heat the magnet even more, and it will melt, and eventually vaporize.
Electrostatic levitation is the process of using an electric field to levitate a charged object and counteract the effects of gravity. Due to Earnshaw's theorem, no static arrangement of classical electrostatic fields can be used to stably levitate a point charge.
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