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Dictionary definition of cock-ring:

A ring worn around the base of the penis to maintain or enhance an erection

Cock rings can be worn around just the penis or both the penis and scrotum, or just the scrotum alone, though this is usually called a testicle cuff. Rings can be made of a variety of different materials, most commonly leather, rubber, or silicone, though nylon and metal are also used either as the main component or part of the closure.