I'm not sure why I had to write this, but I think this little insight into the Ring's view is something the world of fanfiction has needed- and that's not to say that this is the only fic. of its sort (the inspiration for this is in Unintentional Nightmare's 'I Am…', and I would recommend that one-shot to any and every one.)
`
It was falling. It was the only sensation it could note. Falling, down into the growing heat of the fires. Fires that, so many years ago, had brought it into this world of madness- fires that would now devour it as it would have devoured the world.
Given the chance, Gollum would have saved it, would have given his own life to keep it safe, though it had never been kind to him. For a short moment, before the fall, things had seemed as though they would work out in its master's favor, but now… Now the world was crumbling, screams could be heard; the Nazgul as they fought their way towards the fiery mountain in the vain hope that they might save it… The master, desperately reaching out his power to keep it from hitting the flames, and Smeagol as he hit the flames with the knowledge that, not only would he die, but his precious would as well. It landed on a small raft of charcoal, a mere delay to the inevitable.
Above it, Frodo looked down at the swirling liquid flames and thought of the end he could reach by simply letting go. He could finally put it all to rest. His hand hurt where Smeagol had bitten off the ring, and the stab wound he'd received on Weathertop was burning as though it were new.
Yet still, the ring only sat there, glittering in the twisting firelight. It wanted him to let go, to receive the fate he deserved for letting it fall. He had betrayed it, just as it had long ago betrayed Isiladur. He had abandoned it, as it had done to Gollum not long ago. And now it would burn in the very fires that had created it.
It did not pity them. It was their foolishness that had brought it to this end. Their arrogance that had allowed all that was precious to them to fall to its doom.
They deserved their fated, all of them, even its master.
With this, the One Ring slips into the liquid fire and brings its life around, full circle.