Ferrofluids are stable liquid solutions containing magnetic nanoparticles that become strongly magnetized in the presence of a magnetic field. They were invented in 1963 by NASA scientist Steve Papell to create rocket fuel that could be pumped in zero gravity. Ferrofluids have applications in precision engineering, drug delivery, hyperthermia cancer treatment, and body armor. They can be used to transport drugs to target areas or generate heat for cancer treatment when exposed to magnetic fields. New body armor using ferrofluids in hollow fibers could act as an artificial splint. Ferrofluids also have potential applications in areas like lubrication and speakers due to their magnetic and thermal properties.