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This scene depicts the hero Siegfried (also called Sigurd) at the moment he kills the Dragon Fafnir in its cave, the Dragon is holding on its mouth the ring Andvaranaut, which gives ownership of the treasure (and its curse), below Siegfried is the Helm of Terror and the treasure, and above the falling Linden leaves that prevented Siegfried from fully bathing his body in the blood of the Dragon.
Find out more about the story, process and video on this blog page: https://www.abysm-internal.com/blogs/artwork/sigurd-kills-fafnir