It's going to do a little damage to the guitar, over time.
You will less damage to the guitar if you use a ring made of a wood that's softer than the wood of the neck where you're hitting it. A metal ring would be a bad idea.
It'd expect it to scrape up the finish of the guitar pretty quickly, but I don't necessarily feel like it's doing to do any structural damage. So you have to ask yourself how much you care about how pretty your guitar looks.
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