When the magnet falls toward the copper block, the changing flux in the copper creates eddy currents that oppose the change in flux. The resulting braking force between the magnet and the copper block always opposes the motion of the magnet, slowing it as it falls. The rate of the fall produces a rate of flux change sufficient to produce a current that provides the braking force. If the copper is cooled with liquid nitrogen, the resistivity of the copper drops dramatically. How will this affect the speed at which the magnet falls toward the copper

The speed at which the magnet falls through the copper block will be reduced dramatically.

Explanation:

Eddy's current are loops of electrical current induced within conductors by a changing magnetic field in the conductor. Eddy's current is proportional to the the magnetic field strength, the rate of change of flux, the area of the loop, and is inversely proportional to the resistivity of the material. Eddy currents flows perpendicularly to the magnetic field, and in closed loops within conductors.

Reducing the resistivity of the copper will increase the Eddy current on the copper, which will in turn increase the opposition to the action producing the flux change (the falling magnet through the copper block). The result is that the speed at which the magnet falls through the copper block will be reduced dramatically.