Neoprene foam has strong adhesive on one side and is not electrically conductive. These two properties make it ideal for placement between the keyboard plate and the PCB, which deadens the noise of mechanical keyboard switches. The thickness of the foam was ideal for this application. The downsides are that it's expensive, $16 is a heavy foam pill, and it's also very difficult to cut and shape (for example, if you decide to make a foam mod for a mechanical keyboard, you'll need to make holes for each of which the keyboard switches, which is a headache but worth it).
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