In a fit of rage, Alberich renounces love and steals the gold from the Rhine. He forges the Ring of Power and declares himself lord of the Nibelungs. The giants arrive, demanding Freia. Wotan attempts to compromise with them on another form of payment, but they warn him not to break their contact.
Loge finally appears, and relays the news of Alberich stealing the gold from the Rhine. Upon their arrival, they learn that Alberich has enslaved the Nibelungs into mining him an enormous amount of gold. Wotan and Loge drag Alberich away as their prisoner, seizing the ring and all of the gold.
In another fit of rage, Alberich curses the ring and all those who possess it in the future. Fafner also demands the ring, which is now worn by Wotan. Wotan refuses, and the giants threaten to call off the deal and leave with Freia.
Erda appears and warns Wotan of the curse, urging him to rid himself of the ring. He reluctantly agrees and hands it over to the giants, who immediately fight over it. Fafner kills Fasolt on the spot and flees with the loot.
A rainbow bridge appears and Wotan leads the gods into Valhalla as the curtain falls. A fugitive Siegmund arrives at the home of Hunding on a dark and stormy night, requesting shelter. Hunding recognizes Siegmund as an enemy and grants him sanctuary for the evening, but must challenge him to a duel in the morning. Siegmund discovers a sword called Nothung left for him in the trunk of a tree outside of the house by his father. Sieglinde reappears after having drugged her husband with a sleeping draught and tells Siegmund of events that lead them to realize they are twin brother and sister.
Siegmund draws the sword Nothung from the tree and having fallen in love with Sieglinde, the two flee together into the night. As punishment, Fricka insists that Siegmund must die in his upcoming duel with Hunding. Wotan argues that Siegmund could save the gods by winning back the Ring of Power from Fafner before the Nibelungs reclaim it. Siegmund consoles a distraught Sieglinde and watches over her as she falls asleep.
Hunding approaches and Siegmund accepts his challenge, but Wotan appears and shatters Nothung with his spear just as Siegmund is about to win. The Valkyries gather on their mountaintop bearing slain heroes to Valhalla.
They tell her that the forest that houses Fafner is safe from Wotan. Thrilled, she gathers the remnants of Nothung and disappears into the forest to hide. Wotan is the king of the gods and one of the most prominent characters in the Ring. He is extremely charismatic—some may say irresistible. Before the cycle starts, two important acts have taken place.
First, in order to drink from the spring of wisdom, Wotan sacrificed one of his eyes. He was sired by Wotan to fulfil the task of retrieving the ring. Courageous and of rare nobility, he has inherited the positive qualities of his father without any of his faults, and places love before self-interest. The intrinsic heroism of the character is revealed when he refuses to abandon Sieglinde and to enter Valhalla, preferring to die with her. Abandoned as a child, she was forced to marry Hunding.
Through the Valkyrie, Sieglinde realises that the salvation of the world depends on her maternity. The son of Siegmund and Sieglinde, and the grandson of Wotan, Siegfried is one of the most significant characters in the Ring cycle. The embodiment of the quintessential hero, he symbolises hope. Wotan counts on him to retrieve the ring. More unsophisticated than cerebral, he acts on instinct.
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