I feel like there hasn't been enough speculation surrounding this crystal.
Here's my idea:
New Mechanic: Aura Flare
Twisting this new crystal allows your Pokémon to gain a stat increase and essentially become what we know to be a Totem Pokémon.
Each Pokémon in the game has a specific stat increase when this happens, for example any Decidueye will gain +2 Attack and +1 Speed.
This change is permanent until they faint and can only be used once like Megas and Z-Moves.
In online battles, this insentivises the use of Megas and Z-Moves and encourages movesets that focus on attacking rather than stalling techniques.
Lore-wise, it's about absorbing power from Ultra Space (that only Pokémon are in tune with, like a dog can hear frequencies we can't).
Necrozma's Aura Flare causes it to change forme into Sun Forme or Moon Forme as seen on the box covers.
Nobody said it's a ula ula z ring
That nanu and gladion have. Makes sense
>>32951807
>ula ula z ring
Maybe you get a regular Z-Ring and it's upgraded to use this new feature on Ula Ula Island? Maybe this is also a nod to the fact that Nanu's type is Dark, whose Z-Move references black holes, like Necrozma.