We do this as well. They are easy to get and are free. I find 5e does not have that many conditions or that we need that many. I still use the red ones for bloodied, but not like 4e bloodied where you are at half HP. I tend to put a red one on when the monster is down to 1-hit killed. It may have 1-10 HP left and I use it to let the players know to only use one of their attacks on it rather than full attack. At lower levels this may mean only 5HP or less.We decided to use the tamper-proof rings from plastic bottles (like coca cola bottles). They are uniform in size, and have lots of colours. A bit fiddly to remove whole, but can be done by inserting a blunt metal object underneath and using that to slide it off.
Difficulty then would be to remember which colour corresponds to what condition.
Yes but these are mostly specific to fantasy effects, a few would be useful for the game we're playing.Something like this?
From Amazon:
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D&D Acrylic Condition Rings 72 PCS Status Effect Markers in 18 Conditions & Colors with 3x6 Storage Box Great DM Tool for Dungeons & Dragons, Pathfinder and RPG Miniatures
The plastic rings off plastic bottles would work but in the current Pandemic conditions handling dozens of bottles might not be a good idea.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.