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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.
The ring Andvaranaut is credited as one of the inspirations for The One Ring in The Lord of The Rings.
In The Familiar of Zero, the Ring of Andvari is a magical ring belonging to a lake spirit, which had been stolen by antagonist organization Reconquista. It has the ability to raise the dead, although individuals raised in this way are little more than puppets. After it is used on the Prince of Wales in order to kidnap his former lover Princess Henrietta of Tristain, it is returned to the lake spirit.