I think it was a fine card for formats like Standard and Modern, because it didn't absolutely dominate either of those formats
If you're interested in how these will play in Limited formats, check our Modern Horizons 3 Limited Set Review where we rate all the cards, and our MH3 Sealed Guide if you're specifically interested in Sealed or our MH3 Draft guide for, well, Draft
While it gives the bonus of dealing additional damage by letting you reveal Dragon Creature cards from your hand, the base of dealing two damage to any target and leaving behind a Battle with a potent transformation is plenty good enough to see play in the Standard Mono-Red Aggro deck with zero Dragons
Or you might just draw your Emrakul and discard it to refuel your library
Each player can have only one emblem named The Ring and only one Ring-bearer at a time
You can even play [c]Giant Growth[/c] targeting the Werewolf, and youll get to draw a card even if youre only attacking with one creature