I bought this mainly because it is so silly and so cheap. However, this is a functional watch. It even has a few of the common digital watch features. You can show seconds, day of the week, month and date, it has a stop watch and count down timer. On the other hand it does not beep, has no alarm and no backlight. It only comes in one size but it is relatively big (at least for my thin fingers) and can be adjusted down with cheap ring size adjusters from AliX, which is what I did.
My biggest issue with this is not if it makes sense as a daily driver (I am pretty sure it does not) but more that you cannot AFAICT change the battery. Right now that is not the end of the world. It was only annouced on their blog at less than a month ago
https://skmei-watches.com/blogs/news/skmei-2699-ring-watch-the-ultimate-unique-fashion-accessory
This means, if you bought it right now you will get most of its battery life and it is close to the price of a battery anyway.
The bigger problem is that eventually it will be ewaste and buying a new/replacement one a couple years down the line will be risky because if the supplier has old stock you could easily get a dud or something that only lasts a very short time.
I mean I get it to an extent, making the case open would add to the cost but it just feels wrong to me. Otherwise it is a fun little piece, even if it is largely silly and pointless.
P.S. A couple of video shorts from the Skmei youtube account to give you more views: