what the heck happened?

I wear two rings on my finger. The other night while cleaning I felt stinging underneath my rings so I took them off and this is what I see.  I have worn a ring on my finger for 5 years so it's like imprinted on my finger and it's not too tight. I've actually lost weight and they feel like they're falling off all the sudden. It stings and burns and I've been putting lotion on it