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The blacksmith Siegfried meets the Queen of Island Brunhild in the crater of a fallen meteoroid and defeats her in an ax battle. They fall in love for each other and Brunhild promises to wait for him in her kingdom. Siefried forges a sword using the strange ore; he slays a dragon and baths in its blood to become invincible and wealthy with the Treasure of the Nibelungen. Then he fights and defeats the dwarf Alberich from the Realm of the Nibelungen and gets his magic helmet that makes the user take whatever form he wishes. When Siegfried meets Kriemhild, she drops a magic love potion in his wine and he immediately falls in love for her and forgets Brunhild. When Siegfried asks the hand of Kriemhild to her brother King of Burgundy Gunther, he advises that he would accept if Siegfried helps him to win the strong Queen of Iceland Brunhild. Siegfried uses his helmet to defeat Brunhild pretending that he is Gunther and Brunhild accepts to marry him. When the jealous Kriemhild discloses the truth to Brunhild, she leads Siegfried and her kingdom to a tragedy.

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