The Fellowship of the Ring Werewolf

[Frank the Tank]

Is converting, or anything like it, something that happens in Lord of the Rings?

It's usually something that gets announced on thread anyway. But this game you wouldn't be sure cause we've very little to go on so far

No. The ring itself is a force for evil though and everyone who carries it is affected by that.

Isildur didn't cast the ring into Mount Doom because he was corrupted by its power.
The ring then betrayed Isildur and eventually fell to Smeagol/Gollum who became corrupted by its power.
Bilbo Baggins then stole the ring from Gollum and also became affected (though to a lesser extent) by the ring.
Then it passed to Frodo who also demonstrated at times that he was affected by it.

Not all characters were affected by the ring though. Some could resist it's power. Cate Blanchett turned it down when offered it by Frodo didn't she?