Looks very similar to the Optikinetics Crystal Pulse product that is sadly no longer commercially available. Pretty niche lighting effect I encountered in the mid 90s. It was outdated even then. https://youtu.be/XuxZ7_lAhK8?si=TT-6WXfT5c4cvJGN
I checked out some of the other videos and their website and this looks really cool. I've attempted liquid light shows with an overhead projector and can never get it to turn out right. These liquid discs look like an easy alternative for a similar effect.
They are excellent for that yes! There are a few people making unofficial wheels too that you can find on eBay.
Here's a discussion about an outdoor called Fruit Salad Light Show that used a bunch of Optikinetics gear for shows in the 90's that might also interest you. https://ozrics.proboards.com/thread/2204/light-show
Another comment mentioned the two projectors in the patent — and based also on the "reminds me on an aurora" mentioned in the article, I suspect it's a kind of slow crossfade between the "slides" that makes the Auroratone more relaxing.