The One Ring

Surely you know about this one already! The One Ring didn’t actually work quite so perfectly as Sauron intended: dubbed the Ruling Ring and empowered by much of Sauron’s own soul (forever binding his existence to the ring itself), it was originally meant to have the power to dominate the minds of the bearers of the 19 lesser rings of power. But whether or not it was actually powerful enough got fully tested. The first moment Sauron tried to wield the One Ring himself, the Elves ceased using the powers of their own rings, detecting his sinister presence and starting a great war between the Elven kingdoms and Sauron’s forces. The Dwarves, as previously mentioned, were inexplicably able to avoid being dominated by the Dark Lord. It was only really the nine ringbearers of Men who came to be dominated by Sauron’s powers, slowly but surely transforming into the Nazgûl.
Aside from the power of dominance, the One Ring granted Sauron increased martial strength, and could augment his, and any other bearer’s abilities and magical skills. We mostly know of its effects on the mortal races though, rather than its inherent abilities. The One Ring’s primordial connection to Sauron’s very soul made it an object of intense evil, capable of magically charming those in its presence with a desire to covet it for themselves, no matter the cost. As we saw frequently with Frodo and Bilbo when they came into possession of it, thousands of years after its forging, it could also turn mortal ringbearers “invisible”—actually shifting them into unseen realm of spirits that was otherwise only perceived by beings like the Ringwraiths who had faded into a similarly perpetual invisibility. Beyond that the One Ring was said to have all the powers of the other rings as well, including the Elven rings ability to slow the aging process, hence why Bilbo himself aged much slower than your average 100+ year-old Hobbit.
When the One Ring was finally destroyed at the end of the Third Age, its passage from existence also rendered the powers of 19 lesser rings moot, turning them into simple trinkets.
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