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The chief god Wotan tries to cheat two giants, who built Walhalla for him, out of their agreed reward: He had promised to hand over Freia, the goddess of beauty and youth. In retaliation, the giants kidnap Freia, which causes the other gods to begin to age. Following the advice of the fire spirit Loge, Wotan decides to steal a ring of power, created by the dwarf Alberich, and use that to pay the giants and ransom Freia. Alberich himself had stolen the gold for the ring from the daughters of the Rhine, so that now there are several parties claiming it. A web of lies and deceit is woven, with disastrous consequences for everyone concerned.