It is just silicon with a mylar hologram on it. But hundreds of thousands of people across the world have spent some serious money to wear them on their wrist.

If the qualification for CNBC's Sports Product Of The Year is a breakout brand that rocks the sports world, Power Balance bracelets are the only logical choice.

It has spawned imitators like EFX Performance and Power Force. It has been cited by at least one retailer as the most pilfered item in its store. And with more athletes wearing the product without taking a dime of endorsement money than perhaps any other product in sports history, sales don't appear to be slowing down. In fact, Amazon just named it one of its best selling items during the holiday season.

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