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Cards like Black Lotus, the Moxen, Ancestral Recall, and Time Walk remain valuable because they are both iconic and extremely scarce

That's marginal, at best

You share life totals and are generally trying to win the game together

This particular card makes the Ring tempt you at the beginning of each of your end steps, which can trigger a lot of other cards

And it throws around more damage if other goyfs enter the battlefield, which is totally doable alongside Nethergoyf and Barrowgoyf in the Arena Powered Cube

Being a colorless artifact also helps a lot since you can put it into any deck regardless of color identity