No, it was originally just a magic ring of invisibility and Hobbit had absolutely no connection to Tolkien's imaginary world.

When his publisher asked for more books about Hobbits, Tolkien tried to get them to publish The Silmarillion but they hated it, so he wrote what would end up being LOTR instead. He had absolutely no outline or plan when he started, it just ended up being The One Ring after several drafts and rewrites. Then he had to go back and rewrite parts of The Hobbit so they would be consistent with one another.

Gollum, for example, was then rewritten in the Second Edition of the The Hobbit from an eccentric cave dweller to a much more malicious entity.