[…]In Tolkien, much of the analysis of modernity concerns itself with a ring of power, which like technology, social influence, wealth, and political totalitarianism, conveys unnatural powers to its wearer, in exchange for gradually stealing their soul.

To a historical analysis, this looks a lot like The Portrait of Dorian Gray or other tales of humans swallowed up by vanity, and the tendency toward hubris that comes with the power they gain that later destroys them:

In The Lord of the Rings, J.R.R. Tolkien writes about a mysterious ring that essentially dominates the minds of those who possess it. Many theories have been written about the ring and what it symbolizes, including that it is a metaphor for technology or even language itself.[…]

What Does the One Ring Represent? — Amerika