I've been looking more into the myths and legends that inspired Tolkien, specifically into Irish Mythology, and there are actually a lot of very interesting similarities, particularly in Tir na nÓg and the Tuatha dé Danann.

Tir na nÓg means 'the land of the young', and is an enchanted isle off the west coast of Ireland where all were happy and suffered no illness or unhappiness. It is also called the Otherworld, and just like with Valinor, was often mistaken for a kind of heaven or afterlife when it was an actual, earthly place that could be reached by sailing across the sea(or through magic).

It was from Tir na nÓg that the Tuath Dé came, sailing eastwards in a fleet of 300 ships. Tuatha dé Danann means "people of the Goddess Danu". The Tuath Dé are immortal beings who are immune to aging and illness who came from across the sea and inhabited the lands of Ireland before Men ever came there.

Upon landing on Ireland's shores the Tuath dé immediately took the ships they had used and burned them to prevent anyone from returning to their homeland. The smoke from the fires could be seen for miles and the dark cloud lasted for three days straight.

In their first battle against their enemies and former inhabitants of Ireland the Formorians, the King of the Tuath Dé, Nuada, had his arm sliced clean off. Because he was no longer "unblemished", he thus lost his kingship, although a new hand was made for him that was made of silver. Nuada thus gained the epithet of Airgetlam, meaning 'silver hand/arm'.

They were powerful magic users, and during the years they spent there conquered most of Ireland, though at the cost of much blood.

But just like the Elves, so do the Tuath Dé and their power eventually fade at the coming of Men, the Milesians, the ancestors of the Irish people. In some tales the Tuath dé fight back and are driven underground by the Milesians, but in others versions the Tuath Dé foresee and accept their fate, and flee beneath the earth where they later become the sidhe, the fairy folk, or Little People, living in barrows and cairns. In other versions, the Goddess Danu sent many of the Tuath Dé to live in Tir na nÓg, and made homes beneath the earth for those who wished to stay.

Overall, very alike to Tolkien's Elves, specifically the Noldor!