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The mischievous god Loki tricked Andvari into giving him the Andvaranaut. In revenge, Andvari cursed the ring to bring misfortune and destruction to whoever possessed it. Loki quickly gave the cursed Andvaranaut to Hreidmar, King of the Dwarves, as reparation for having inadvertently killed Hreidmar's son, Ótr. Ótr's brother, Fafnir, then murdered Hreidmar and took the ring, turning into a dragon to guard it. Sigurd (Siegfried) later killed Fafnir and gave Andvaranaut to Brynhildr (Brünnehilde). Queen Grimhild of the Nibelungs then manipulated Sigurd and Brynhildr into marrying her children, bringing Andvaranaut's curse into her family.
In popular culture
In Thor (Marvel Comics) an adaption was done of the ring cycle, in which the ring appeared. Here it is much larger, meant to fit on all of Andvari's hand, though it fits on only one finger of the Giant Fafnir.
In J. R. R. Tolkien's The Lord of the Rings, Tolkien admitted to using the ring Andvaranaut as inspiration for the One Ring given its cursed nature and the fact the only way to break the curse is to return the ring to where it came (the river for Andvaranaut and Mount Doom for the One Ring).