First time making an item wanted opinions

[Trevor Deweerd]

Cursed Magical item: The One Ring to Rule Them All
Magical Ability: Upon donning this item the wearer immediately casts ‘Greater Invisibility’ on themselves.
Curse: For every 6 seconds of wearing the ring all statistics are reduced by one. This effect can stack up to 5 times before the ring must be removed. If the user falls unconscious while wearing the ring the user has disadvantage on death saving throws but remains invisible (this includes being invisible to allies). Additionally any monsters of evil alignment will prioritize you for attack while the ring is in their sight or is being used.

I want some criticisms thoughts, and what level characters potentially should get this item.

 

[Satyrn]

Cursed Magical item: The One Ring to Rule Them All
Magical Ability: Upon donning this item the wearer immediately casts ‘Greater Invisibility’ on themselves.
Curse: For every 6 seconds of wearing the ring all statistics are reduced by one. This effect can stack up to 5 times before the ring must be removed. If the user falls unconscious while wearing the ring the user has disadvantage on death saving throws but remains invisible (this includes being invisible to allies). Additionally any monsters of evil alignment will prioritize you for attack while the ring is in their sight or is being used.

I want some criticisms thoughts, and what level characters potentially should get this item.

By "all statistics" do you mean ability scores? Regardless, for simplicity (because changing stats on the sheet can be a giant hassle), I'd change that to a cumulative -1/round penalty on all d20 rolls. I'm also thinking that I'd have the penalty linger after removing the ring, just so the character's not popping out at full strength. Like, have it decrease by 1 every round after removing the ring.


And I'd be fine giving it out at any level. And I rather think I'd want to hand it out before the spellcasters in the party can cast greater invisibility.

 

[Satyrn]

Oh, and I'd change this to something less absolute

Additionally any monsters of evil alignment will prioritize you for attack while the ring is in their sight or is being used.

I'd rather not force my DM hand like that. I want to have control over what my monsters do, so I'd word that as "Additionally certain creatures are tied to the ring and may tend to focus on the bearer if they are aware of the ring's presence."

Now I'm free to focus all my attacks on the ring bearer, or play it more mischievously, and still be following what I've written. I can also include evil creatures that have no interest in the ring at all, like Shelob, without contradicting myself.