This is a Levitron, a top that floats due to magnetism and gyroscopic stability. The wooden base contains a large ring shaped magnet that repels the top which is a small ring shaped magnet. The spinning top creates a gyroscopic effect that prevents it from flipping over in the large magnet’s field.
The tray and hoop are items made by the video creator, Dustin Skye. The fog comes from an electronic cigarette (E-cig) that he modified to create fog with pure glycerin. You can see many more of these types of videos on his YouTube channel.
