The lyrics of both the song and the epigraph that opens Under the spell of the Ring books read:
“Three Rings for the Elven Kings under heaven,
Seven for the Dwarf lords in their stone halls,
Nine for mortal men doomed to die,
One for the Dark Lord on his dark throne
In the Land of Mordor where the shadows lie.
One Ring to rule them all, One Ring to find them,
One Ring to bring them all and bind them in the darkness
In the Land of Mordor where the shadows lie.“
This poem is, of course, intended to outline one of the most important pieces in Second Age Middle-earth history, an acronym summarizing the drama surrounding the One Ring before the Fellowship’s quest to destroy it. While Tolkien was a little vague on the details about the ring bearers representing the Men and Dwarfs, he spent a lot more time exploring the three rings that went to the Elves. It is therefore logical that the first magic rings made by Celebrimbor in The rings of power finale are the three that will eventually be carried by Galadriel, High King Gil-galad and Cirdan (who will make his debut in Season 2). By the time of Under the spell of the Ring books and movies, Galadriel is the only one of these original ring bearers to still wear one, something that could eventually be explored in the show.
It is no coincidence that the season ends with Halbrand/Sauron making his way to the land of Mordor, as it is in the fires of Mount Doom where he will forge the One Ring that will allow him to influence all other ring bearers. Until then, the song is an excellent harbinger of things to come. It’s a great postscript for this love letter to Tolkien.