This is not your child's silly putty or a typical refrigerator magnet. While they might look similar to those items they are both a little different.
The blob in the above video, posted by YouTube user Scott Larson, has been infused with millions of micron-sized ferrous particles, which allows it to be attracted to the strong neodymium iron boron magnet. This small magnet is so strong for its size, it could easily erase credit card strips and damage electronics.
The time lapsed video which looks like something out of a bad science fiction movie, shows how the putty will eventually contort itself to fully swallow up the magnet and spread equally around it's surface.