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Wiktionary
webring

n. (context Internet English) A collection of related web sites which are interlinked in a circular structure, each site having links to the previous and next site in the ring.

Wikipedia
Webring

A webring (or web ring) is a collection of websites linked together in a circular structure, and usually organized around a specific theme, often educational or social. They were popular in the 1990s and early 2000s, particularly among amateur websites.

To be a part of the webring, each site has a common navigation bar; it contains links to the previous and next site. By selecting next (or previous) repeatedly, the user will eventually reach the site they started at; this is the origin of the term webring. However, the select-through route around the ring is usually supplemented by a central site with links to all member sites; this prevents the ring from breaking completely if a member site goes offline. A webring is managed from one website which is able to omit the websites that have dropped out or are no longer reachable. The advantage of a webring is that if the user is interested in the topic on one website, they can quickly connect to another website on the same topic. Webrings usually have a moderator who decides which pages to include in the webring. After approval, webmasters add their pages to the ring by 'linking in' to the ring; this requires adding the necessary HTML or JavaScript to their site.

Sites usually join a webring in order to receive traffic from related sites. When used to improve search engine rankings, webrings can be considered a search engine optimization technique.