1) Since the magnetically reactive materials are (optically) transparent, would it be possible to "harvest" energy from the optical component of light -- after the magnetic component has been "harvested"? It would appear that would increase overall conversion efficiency...
2) using the same dichotomy, would this be a means of increasing the data bandwidth of an optical fiber, etc...?
3) Would magnetic/electrical signals imposed on the magnetically-reactive media possibly modulate the light passing through it?
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I'd bet there are already patents on those three concepts -- if they represent real effects... (Story of my life...) ;-(