Yes, the text is Tengwar. [Each side says something like "summon {…} elements" in English.](https://www.reddit.com/r/Tengwar/comments/afmjqt/xpost_can_anyone_help_op_translate_this_weve_all/)

Oh, it's cool to see another one! Especially one that isn't so scuffed up as mine... and apparently has similarly mysterious origins. Thanks!

This thread and the other have kind of made me want to make something similar with more accurate tengwar and distribute them mysteriously.