The poem moves on to Sigurd's slaying of Fáfnir, dealings with Reginn and claiming of the gold hoard.
Fafnismal begins with Reginn egging on Sigurd to slay Fáfnir, a golden hoard guarding dragon.
Reginn praises Sigurd for slaying the dragon, but takes credit for making the sword that allowed him to do it.
Sigurd replies saying courage is more important than a weapon and blames Reginn for tricking him into killing Fáfnir.
According to Ármann Jakobsson, Tolkien translates the epic poem into a modern representation of Fáfnir through Smaug.
Further, Tolkien makes a point to show that the master of Esgaroth “fell under the dragon sickness” and died.