The hair tie could be a catalyst for a character's transformation. In fanfiction, it might start off as just a normal hair tie, but as the character goes through different trials and experiences, it could absorb some of their magic or emotions. Eventually, it could transform into a powerful magical artifact that gives the character new abilities. For instance, it could give them the power to control time, or the ability to communicate with magical creatures that were previously unresponsive. This transformation of the hair tie would then change the course of the story, as the character has to learn to control their new powers and deal with the consequences of having such a powerful item.
The hair tie on the wrist could be a tracker. In a fanfiction where dark forces are after a character, the hair tie could be enchanted in such a way that the bad guys can sense its location. This would create a lot of tension as the character has to either find a way to hide the signal or use it to their advantage, like leading the villains into a trap. It could also be a way for the good guys to find the character if they get lost or kidnapped. For example, a group of Hogwarts students could use a spell to track the hair tie's magic signature. Another way it could be a plot device is if it has the power to transfer memories. When a character touches it, they might start seeing visions of past events related to the Harry Potter world, which could lead them on a quest to uncover the truth about something that happened long ago. This could be a crucial part of the story's mystery and drive the plot forward as they try to piece together the fragmented memories.