Based on its deep electric blue and violet color shifts under direct lighting, this piece appears to be a genuine Morpho butterfly wing ring.  

The Inlay: During the mid-20th century, jewelry makers often enclosed real, sustainably gathered iridescent butterfly wings under a protective glass or resin cabochon to capture their natural metallic flash. When viewed from a different angle (as shown in the second image), the wing tissue naturally refracts light differently, shifting from an intense neon blue to a soft violet or purple hue.

The Setting: The ring is crafted in a sleek modernist bypass style, where the silver band smoothly splits and wraps around the circular stone like an abstract ribbon or leaf.