Thanks @szore for sending me some to experiment with.Original impression was of electrostatic setup.
I wrapped it on the xlrs and one of the power cable going to the dac. I put on one side at a time while listening to music, its very subtle but the noise reduction is audible especially at the higher frequencies, noticeable improvement in separation as well. Effect is not immediate, it takes quite some time to take full effect. It has a more noticable effect on the power cable.
This is not the same material as the oyaide tape. If I try to use the oyaide tape on the power or interconnects, it flattens the sound just holding it in place without adhering it.
The base material is cloth and it looks different from the oyaide tape. Perhaps this is what permalloy looks like? I'm not sure but it doesn't seem to be sendust or at least the same recipe as the oyaide tape.
I'm not noticing any negatives with this tape so far. I'll only know for sure if I remove it but thus far, music seems livelier, better separation, less noise, treble seems to be more articulated? I'll have to do some more experiementing with it.
I think electrostat is an accurate description of what it makes it sound like.