In the depths of the mighty river, the Rhine maidens guard the Rhine gold. Alberich, the Nibelung dwarf, is dazzled by the sight of it. Whoever wins the gold will gain power over the world, but must first renounce love. Alberich then curses love and steals the gold, forging it into a ring. Wotan, lord of the gods, and his wife Fricka have promised Freia to the giants Fasolt and Fafner for building their dwelling. Crafty Loge suggests an alternative payment: Alberich's golden ring. In the Nibelungs’ underground home, the gods will wrest the ring from Alberich's finger. The dwarf curses the ring: ceaseless worry and death shall be the destiny of its bearer. Wotan reluctantly gives up the ring to pay the giant brothers, who fight to the death over it. The gods then take possession of their dwelling but the curse of the ring is by no means over...