Cast in for acts.
Woglinde, Wellgunde, and Flosshilde play again the rhine river, celebrating the Rheingold. Alberich comes wandering through, and is spurned by each of the three rhine maidens, and learns that the only way to defeat them, is to reject love. Alone, Alberich is willing to do so, and steals the gold.
Wotan, lord of the gods, sees that the two giants which he bargained for a castle have completed it. the giants demand Freia, which is there payment for the castle. Wotan tells is wife not to be worried, he will find something else that they will accept. the giants arrive on stage and demand payment. Which Wotan, by the treaties on his spear, must give them. Loge arrives back and reports that there is only one thing that the giants will accept: the Rheingold cast as a ring.
Wotan tries to offer something else, but the giants will have none of it, and they leave. without Freia's magical apples the gods begin to grow old, and so Wotan decides to go under the earth to fetch the Rheingold, so as to give it to the giants for the payment of the castle.
In the round of the under earth, called Nibelheim, Wotan and Loge find that Alberich as slaved the others, and torment them into doing what he wants. in addition to the ring, he also has a helm which will either turn in invisible, or into whatever form he wants. First Loge asks to take on a large form, and then timely asks to see him in the form of a toad, which Alberich happily does. This is the moment that the two gods were waiting for, and they bind him and return to their mount top.
On the mountaintop Wotan wants all of Alberich treasure, and most importantly the helm and the ring. Though Alberich does not want to part with them, he has no choice, but he places a curse on who ever holds them. Then the giants enter in, hoping that the gods cannot deliver on the Rheingold. at first will then keeps the ring, and the giants will not have any of it. then Erda appears, out of the ground, and warns Wotan to relinquish the ring, as it is cursed. Wotan does so, and calls the giants back to give them the ring. Immediately the giants fall in too quarreling over who is to receive the ring, at once Wotan and Loge realize that it is because of the curse, and realize that any plot to regain the ring will be doomed to failure. The gods and goddesses enter in to the castle.