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Here are some MMO ring ideas:

Name: Self-Destruct Ring (this isnt the same thing as the explosion ring!)
Description: A Black Stone with a fuse sticking out.
Rarity: 16
Lev. 1: Small shockwave that causes user to be immobilized for 3 seconds but causes medium damage to all enemies within a small area.
Lev. 2: Big shockwave that causes 1-5% damage to user but paralyzes and damages all enemies in a large radius.
Lev. 3: Shakes the whole area and causes 25-40% damage to user but heavily damages all enemies on screen and paralyzes them too.
Lev. 4: Whole screen becomes an inferno and user sustains 50-75% damage but all enemies and players (players other than user sustain 75-90% damage and are knocked into an adjacent area) are obliterated off the screen. Area becomes crater but eventually returns back to normal.

(enemies that are mentioned are only minor: this ring will do nothing on bosses or NPCs)

Name: Fist Ring
Description: A Beige Fist-shaped stone.
Rarity: 2
Lev. 1: Hits an opponet with 1-3% damage.
Lev. 2: Above with 5-10%
Lev. 3: Above with 15-20% with a high critical hit ratio.
Lev. 4: Smashes the enemies face into the back of their skull with multiple hits with brass knuckles with a 40-50% damage ratio (user is unable to use the technique for 30 seconds because their hand hurts so much)

Name: Skating Ring (bad pun isnt it?)
Description: Diamond, ice-like stone set in a silver band.
Rarity: 9
Lev. 1: Creates a small patch of ice that enemies slip on if they step on it.
Lev. 2: Above only medium sized.
Lev. 3: Above only large sized.
Lev. 4: Above only takes up the whole ground surface area and it doesn't have much friction, so you slide around.

Name: Firewall ring
Description: A square ruby with an orange circular gem in the middle.
Rarity: 9
Lev. 1: Creates a small fire that burns enemies if they step on it.
Lev. 2: Above only makes a line of fire that trails behind you for 2 seconds.
Lev. 3: Above only follows you for 4 seconds.
Lev. 4: Above only follows you for 8 seconds and will cause a burn to anything that touches it that will take away 1% damage the first second, 2% after the third second, 3% after the sixth second an so on until you touch water (or frozen).

the pattern of number of seconds between burn damage is +2, +3, +4...

Name: Killer-Kat Ring
Description: A stone with a cat face that is 1/2 black and 1/2 white.
Rarity: 12
Lev. 1: Releases a coco or kiki kitty that attacks and eventually kills one enemy before returning to the ring (takes about 15-20 seconds per enemy).
Lev. 2: Above only it now kills two enemies before returning.
Lev. 3: Same as Lev. 2 only done in half the time.
Lev. 4: Same as Lev. 3 only releases a coco AND kiki kitty at the same time.

Name: PWND Ring
Description: Looks like the Powned emote only with the brick hitting the person's head but the head hasn't vanished yet.
Rarity: 10
Lev. 1: Causes a brick to fall and hit an enemy on the head which causes them to be immobilized for a short period of time and causes 1-10% damage.
Lev. 2: Above only with a bigger brick and more immobilization time and causes 10-25% damage.
Lev. 3: Above only with an even bigger brick and even more immobilization time and causes 25-35% damage.
Lev. 4: A boulder crushes the enemy and permantly immobilizes it (just more immobilization time for another player) and causes 50-75% damage.

Name: Lure Ring (Lure ring, Luring, get it?)
Description: A gold circle with four pointer arrows pointing toward the circle.
Rarity: 15
Lev. 1: Attracts all enemies toward the user but they have a higher percentage of carrying loot.
Lev. 2: Same as above only with a higher percentage of loot.
Lev. 3: Same as above only with an even higher percentage of loot.
Lev. 4: Same as above only all enemies will have loot.

Name: Beast-Tamer Ring
Description: A lasso-shaped stone set on a sapphire.
Rarity: 19
Lev. 1: Allows you to control one enemy for as long as you want but only if you give it five life points from your own meter every area you enter (it will stay with you when you go into a new area).
Lev. 2: Same as above only you can control two beasts ( ya still gotta pay 5 for each every new area you enter)
Lev. 3: Same as Lev. 2 only you can control three beasts.
Lev. 4: You can now control four beasts while only paying one life point for each when you enter a new area.

(The beasts will attack enemies only when you tell them to. they will also go where you tell them, too. however, other players and enemies can still attack the ones you control)

*whew* That melted my brain for 2 hours! This was copy-pasted though from my original posts. xd