In the depths of the Rhine, the three Rhinemaidens guard the Rhinegold, a treasure of immeasurable value. The Nibelung dwarf Alberich is dazzled by the sight of it. The girls explain that whoever wins the gold and forges it into a ring will gain power over the world, but must first renounce love. Frustrated by his unsuccessful attempts to catch one of the girls, Alberich curses love and steals the gold. Wotan, lord of the gods, is reproached by his wife Fricka: he has promised to give Freia, goddess of youth, to the giants Fasolt and Fafner in return for their building a fortress for the gods. When the giants demand their reward, Loge, the god of fire, suggests an alternative payment: the ring Alberich has forged from the Rhinegold, and his other treasures. The giants agree, and Wotan and Loge leave for the Nibelungs’ underground home.

In the depths of the Rhine, the three Rhinemaidens guard the Rhinegold, a treasure of immeasurable value. The Nibelung dwarf Alberich is dazzled by the sight of it. The girls explain that whoever wins the gold and forges it into a ring will gain power over the world, but must first renounce love. Frustrated by his unsuccessful attempts to catch one of the girls, Alberich curses love and steals the gold. Wotan, lord of the gods, is reproached by his wife Fricka: he has promised to give Freia, goddess of youth, to the giants Fasolt and Fafner in return for their building a fortress for the gods. When the giants demand their reward, Loge, the god of fire, suggests an alternative payment: the ring Alberich has forged from the Rhinegold, and his other treasures. The giants agree, and Wotan and Loge leave for the Nibelungs’ underground home.