The illuminated ball lowered at New York City's One Times Square each New Year's Eve is called the Times Square Ball.
The tradition began in 1907, when the New York Times arranged for a lighted ball to descend from the flagpole atop its headquarters. The design was inspired by time balls, which were used in ports and observatories to signal a precise time to ships and the public.
The ball has changed substantially over time. Early versions were built from iron and wood, while later designs used aluminum, crystal, and computer-controlled LEDs. The current design is a geodesic sphere covered with Waterford crystal panels and illuminated by thousands of LEDs.
Although people often call it the “New Year's Eve ball,” its official name is the Times Square Ball. The descent lasts about a minute and ends exactly at midnight, when the new year begins in the Eastern Time Zone.