Ferrofluid is a liquid that becomes strongly magnetized in the presence of a magnetic field. It is composed of nanoscale ferromagnetic or ferrimagnetic particles suspended in a carrier fluid using a surfactant. When magnetized, the fluid forms peaks and troughs due to the competition between magnetic and other surface energies. Ferrofluid was first created by NASA in 1963 for use as rocket fuel and has since found applications in speakers, hydraulic systems, biomedical research, and potential future uses like artificial hearts and body armor.