The Nibelung Alberich and the god Wotan fight for world domination. For the price of an eye, Wotan cut a spear out of the world's ash tree to represent his rule based on contracts.

Alberich steals the Rhine gold, curses love and forges himself a ring of power, which, however, is stolen from him by Wotan. Alberich then curses the gold: It is supposed to bring fear and death to every owner.

Wotan has to hand over the ring to the giants Fasolt and Fafner, who built the Walhall castle for him; Fafner kills his brother Fasolt in order to own the ring alone, thus proving the power of the curse.