When Loge arrives, his initial report is discouraging: nothing is more valuable to men than love, so there is apparently no possible alternative payment besides Freia. Loge was able to find only one instance where someone willingly gave up love for something else: Alberich the Nibelung has renounced love, stolen the Rhine gold and made a powerful magic ring out of it. A discussion of the ring and its powers ensues, and everyone finds good reasons for wanting to own it. Fafner makes a counter-offer: the giants will accept the Nibelung's treasure in payment, instead of Freia. When Wotan tries to haggle, the giants depart, taking Freia with them as hostage and threatening to keep her forever unless the gods ransom her by obtaining and giving them the Nibelung's gold by the end of the day.