The One Ring specifies that it should give protection only "if you cast it". So if my opponent Commandeers my The One Ring, they should not gain protection, but they do. This scenario happened, I attacked with a creature and they took 0 damage.
I have Agatha's Soul Cauldron with Clever Conjurer exiled under it. I have a Night Market Lookout with a +1/+1 counter on it. When I try to use the Lookout's ability to untap itself, I am unable to do so. Attached a screenshot for clarity.