The Ring exerted power in many ways; it was certainly not restricted to vision. People comment on the weight of it (Frodo tells Sam many times that the Ring is becoming heavier - or at least feels like it). My personal belief on the subject is that the Ring forms a link to its would-be owner and tempts that person. Laying claim to the Ring and having it within your possession would be enough.
Now, I agree, that if it were in a safe at a house and somebody didn't carry it around then it wouldn't command them as quickly or thoroughly. But any attempt to carry it on your person would produce an effect only perhaps slightly less virulent as carrying it on a chain.
If it were placed in a box, it would gnaw away at the mind and soul of the possessor just the same as if it were on a chain, in a pocket, or on a finger.
Finally, I think that anybody carrying the Ring in a box would, closer to Mordor, find themselves frequently opening the box and admiring it, taking it out, or toying with it. Popping it in and out of a box would provide the Ring ample opportunity to escape.
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