As I was messing around to get the exact shape, I changed the noise basis of the displacement texture to cell noise. I thought it was so cool and hence came this! It is a torus with a displacement modifier with this texture.

The size and contrast are keyframed for the morphing look I wanted for the animation. Then came the material. An antique metallic artifact look I thought would be cool. I don't know why now there is lava coming out of it though!

I experimented with different focal lengths and then added a gradient background and lens distortion in compositing and took some sweet renders. Here are some of them.