The plot revolves around a magic ring that grants the power to rule the world, forged by the Nibelung dwarf Alberich from gold stolen from the river Rhine. Several mythic figures struggle for possession of the Ring, including Wotan, the chief of the Gods. The hero Siegfried wins the Ring, as Wotan intended, but is eventually betrayed and slain. Finally, the Valkyrie Brünnhilde, Siegfried's lover and Wotan's estranged daughter, returns the Ring to the Rhine.