There are more and more applications for this unusual substance everyday.  Here is a bit more information on neodymium magnets from wikipedia:

A neodymium magnet (also known as NdFeB, NIB or Neo magnet), the most widely used^[1] type of rare-earth magnet, is a permanent magnet made from an alloy ofneodymium, iron and boron to form the Nd₂Fe₁₄B tetragonal crystalline structure.^[2] Developed in 1982 by General Motors and Sumitomo Special Metals, neodymium magnets are the strongest type of permanent magnet commercially available.^[2][3] They have replaced other types of magnets in the many applications in modern products that require strong permanent magnets, such as motors in cordless tools, hard disk drives and magnetic fasteners.

Who knew these were only around since 1982?

Thanks to the home experimenter for making this fascinating science video!