Everything about the rings of power in Rings of Power you want to know
Briefly

"They were not made as weapons of war or conquest: that is not their power. Those who made them did not desire strength or domination or hoarded wealth, but understanding, making, and healing, to preserve all things unstained."
"those who had [an elven ring] in their keeping could ward off the decays of time and postpone the weariness of the world […] where they abode there mirth also dwelt and all things were unstained by the griefs of time."
Read at Polygon
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