Siegfried and Fafnir engage in battle, with Siegfried wanting to learn fear. Siegfried slays the dragon, who returns to his Giant form before dying. During the battle, the Giant's blood has gotten all over Siegfried and into his mouth, granting him new awareness. Siegfried removes the Ring of Power, which shrinks down to fit him. He then enters, finds the treasure, and comes out wearing the ring and Tarnhelm. He is met by Mime, who gives him a poisoned drink in hopes of gaining the ring for himself. But with his new awareness, he knows of Mime's treachery and knocks him into a pool of Fafnir's blood, which is like poison to him, killing him. A little bird then tells him of a sleeping maid surrounded by a fire ring. He goes there and is confronted by Odin, disguised as a wanderer. With Needful, Siegfried breaks Gungnir in two, and Odin takes his leave. Siegfried then scales the mountain and, braving the flames, finds Brunnhilde. He kisses her, and she awakens and finds love in his arms.

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