Mimé and Alberich, the dwarves, and Voton, All-Father of the gods, all desire the treasure horde that is guarded by Fafnir the dragon. Especially the Ring of the Niebelung, which grants whoever bears it unlimited power. Now, all three hope that Siegfried, the young hero raised by Mimé after the death of his parents, will slay the dragon and allow them to claim both the treasure and the powerful ring. But Siegfried, despite his innocence, may just surprise them all!