This video shot by Modernist Cuisine shows a drop of liquid nitrogen hitting a hot frying pan. It doesn't instantly vaporize because a thin layer of vapor briefly insulates the drop. Scientists call this phenomenon the Leidenfrost Effect:
When a drop of liquid first contacts a surface that is much hotter than water’s boiling point, an extremely thin layer of vapor forms under the drop. This layer of vapor suspends the drop slightly above the surface, creating the hovering effect. The vapor also acts as an insulation layer between the surface and liquid, keeping the liquid from rapidly boiling away. This fascinating occurrence is known as the Leidenfrost effect, named for the 18th-century German doctor and theologian who first described the phenomenon.
Link via Popular Science