The ring of seeking (both) is an item that can be bought from Faruq's Tools for Games in Al Kharid. The purpose of the ring is to alert the player when a friends chat member wearing a ring of seeking (seek) or a ring of seeking (hide) is nearby.
This ring can be used for the game of Hide and Seek with friends chat members or other players. Hide and Seek is not an officially-organised minigame, but is organised by players. This means that it is up to the players to set up the rules.