"Ring - Rakish" by Bob Greyvenstein
Hilmark stood watch over the rest of his companions as they slept by the campfire. Aside from the Elf, Vedi Amblecrowne, Hilmark was the only one who never needed sleep. However, Vedi still needed a few hours of meditation even if it wasn't traditional sleep. He glanced down at the metal band around the middle finger on his left hand. It wasn't exceptionally pretty. Brown, engraved with cloud-like swirls and another smaller band of gold down its middle. It was a magic ring, one he'd taken from a dragon hoard, and it made it so that Hilmark never needed to sleep in the traditional way. Once Vedi came out of her trance, he'd let her keep watch while he relaxed a little, but for now he gazed up at the stars and listened for any disturbances in the surrounding woodlands.
The Ring of Waking is a very simple ring in design. It's made of cheap-looking iron with clouds carved into a pattern throughout the base band and in a strip down its center is another thinner, more polished gold band. It is warm to the touch.
Wondrous item, rare (requires attunement)
As long as you wear this item, you no longer need to sleep, and you will suffer no exhaustion as a result of not sleeping. You must still use a short or long rest to receive the benefits from those actions.
Hopefully this ring is something you can use in your own campaign, or maybe even give you ideas for another similar magic item you can fine-tune for your players. Let us know what you think in the comments! - Joe