The Fellowship of the Ring Werewolf

[Ina May the Midwife]

So on this. I think that the ring bearer has certain powers, attune to say a JOAT role.
However, using the powers comes with a price.

I don't think there are conversions per se BUT if the ring bearer uses the ring too many times they themselves may become corrupted.

The game is heavily lore based and the ring is a corruptive device so that's my interpretation of the wording in the OP.

Thats a very good point cause we know that the lore is being used heavily in this game so id agree with your take. the question would be then,  if the ring bearer is corrupted, do they become a wolf or does something else happen. I'm sure our ring bearer would have a bit more info on this anyways and they only use the ring when absolutely needed, if allowed that is (the game may be set up that they have to use the ring each day or so)

Yeah, I think the Ring is definitely what the corruption refers to in the OP. What that corruption entails though... is less certain.