The proceeds will benefit mental health awareness and treatment for children, a cause close to Artest's heart.
Artest estimated that he raised well over $500,000 for his charity and said he has no regrets about giving away his ring.
In fact, he said it just encourages him to go out and get another one.
"It was emotional getting rid of the ring, though. It seems easier. And when it gets closer, it's like 'oh my goodness, I'm giving the ring to this guy I don't even know. I just met him today.' But he's a good guy too," said Artest.