Material Design from Google has come up with floating labels for form entry.
The label starts off as the placeholder or watermark for the control, when the user enters the control the label floats above the text in an animation.
material-design from Steven Hollidge on Vimeo.
You can hear more about Material Design in this talk https://www.youtube.com/watch?v=2qiyhkQVyxE
The floating label appear at 12 mins 05 seconds.
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