Woglinde, Wellgunde, and Floßhilde play a cruel game. They flirtingly tease Alberich, who in vain is trying to court their favour. Mercilessly mocked and humiliated, he boils with rage.
From the idle chatter of the three, Alberich has learned that whoever wins the Rhinegold and uses it to make a ring will attain limitless power. But for this, he must voluntarily renounce love. Blinded by the idea of ruling the entire world, Alberich curses love.
Wotan is full of joyous anticipation. He can finally take possession of his greatest work, the newly constructed Valhalla.
He gets into an argument with his wife Fricka, who is worried about the price that Wotan has recklessly promised Fasolt and Fafner for completing the building: her sister Freia.
According to their contract, Freia is to follow Fasolt and Fafner. Despairingly, she begs for protection, but Wotan in fact does not intend to surrender her. He relies on the promise of Loge, who has assured that he would find a way out of the difficult situation. But Loge isn’t anywhere to be found.