There is some chance (betting markets say maybe 70%) that it is bogus. You’d think a lack of replication would kill it right away but look at how there are still believers in cold fusion today.

In a few weeks there will be serious attempts at replication and probably some consensus in a few months.

They are reporting a material which does not have high performance in terms of maximum current, those samples aren’t going to outperform traditional conductors. Somebody might figure out how to make higher quality crystals, there may be enough details that you’d need to license several patents to make something useful.

Liquid nitrogen superconductors were discovered in 1986 but were very slow to find applications. Liquid nitrogen is easy to handle (we could demonstrate magnetic levitation in our high school physics lab) and nitrogen is an abundant element (most of the atmosphere) compared to helium which is common in the universe but rare in Earth. People thought it would be a revolution but it wasn’t. There are practical applications of them but when they build new power lines they almost always use ordinary metals.

Now it could be the other way around, the effect is real, people are able to make a high performing material at an affordable price, people solve all the practical problems, etc. Or it could be this round of materials is “close but no cigar” but in 10 years there is a real breakthrough. We don’t know at this point.