when placing the wire in the magnetic field, a charge voltage will be generated,( due to the motion of the wire) a small potential difference will occur between the ends of the wire that will generate a small oppositing electrical magnetic field around the wire...if there is no further motion of the wire, or the magnetic field, then the wire magnetic field will dissipate...
this opposing magnetic fields is why there is no free-ride, it takes power to move the wire through the magnetic fields, due to the opposing magnetic fields, generated by the motion....if there were no opposing force, then the system would self-destruct, burn out from uncontrolled electrical current...