The ring a character. And the Character was Sauron. The ring is merely a portion of the fallen Maia, so it has part of his will and his Fea in it (hmmm Do Ainur have Fea? And can a Fea be split up? And am I spelling the world right at all?).
So yeah the ring was a character, but I would say that it plays a similar role to Morgoth in the Narn i chin Hurin, a sort of dark influence slowly guiding people towards evil, even if it was not as potent as the curse of Melkor.
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Utúlie'n aurë! Aiya Eldalië ar Atanatári, utúlie'n aurë! The day has come! Behold people of the Eldar and Fathers of Men, the day has come!
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