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Single-crystal iron oxide nanorings have been proposed as a promising candidate for magnetic hyperthermia application because of their unique shape-induced vortex-domain structure, which supports good colloidal stability and enhanced magnetic properties. However, the synthesis of single crystalline iron oxide has proven to be challenging. In this article, we showed that chemically synthesized multigrain magnetite nanorings disfavor a shape-induced magnetic vortex-domain structure. Our results indicate that the multigrain Fe₃O₄ nanorings with an average outer diameter of ~110 nm and an inner to outer diameter ratio of ~0.5 do not show a shape-induced vortex-domain structure, which was observed in the single-crystal Fe₃O₄ nanorings of similar dimensions. At 300 Ks, multigrain magnetite nanorings showed an effective anisotropy field of 440 Oe, which can be attributed to its high surface area and intraparticle interaction. Both calorimetric and AC loop measurements showed a moderate inductive heating efficiency of multigrain magnetite nanorings of ~300 W/g at 800 Oe. Our results shed light on the magnetic ground states of chemically synthesized multigrain Fe₃O₄ nanorings.