Recently revealed, Tony Stark makes a deal with Odin to find a way to stop the Serpent and the Worthy. Odin's answer is sending Tony to the halls of Svartalfaheimr's workshop, where Thor's hammer and the various other hammers of the Worthy were first created. The plan is for Tony to create weapons that can counter the Serpent's minions. Most people have heard about the elf, Svartalfaheimr but not many people know that much about him.
In Norse mythology, svartálfar (Old Norse "swart elves" or "black elves", singular svartálfr) are beings who dwell in Svartálfaheimr (Old Norse "world of the swart elves" or "world of the black elves"). Both the svartálfar and Svartálfaheimr are solely attested in the Prose Edda, written in the 13th century by Snorri Sturluson. Scholars have noted that the svartálfar appear to be synonymous with dwarfs and potentially also the dökkálfar (Old Norse "dark elves").
The Svartálfar and Svartálfaheimr are solely attested in the Prose Edda, in which they are mentioned in two books; Gylfaginning (Svartálfaheimr) and Skáldskaparmál (svartálfar). In chapter 33 of Gylfaginning, the enthroned figure of High tells of the binding of the wolf Fenrir. High relates that when Fenrir had grown so large that the gods began to grow concerned, the god Odin sent the god Freyr's messenger Skírnir down to Svartálfaheimr to "some dwarfs" who made the silky yet immensely strong fetter Gleipnir from six fantastical ingredients. Whereas the other fetters failed, Gleipnir succeeds in binding the wolf.
In chapter 35 of Skáldskaparmál, it is detailed that the half-god Loki once cut the lustrous golden hair of the goddess Sif, wife of the god Thor. Upon hearing of the shearing of his wife's locks, Thor, taking hold of Loki, intends to break every bone in Loki's body until Loki swears to get svartálfar to make "a head of hair out of gold that would grow like any other hair". Loki then goes to a group of dwarfs, the Sons of Ivaldi, who not only smith Sif's hair but also various other important objects owned by the gods, and the tale continues.
The most popular version of the creation of Mjölnir myth, found in Skáldskaparmál from Snorri's Edda, is as follows. In one story Loki sends up to the dwarves called the Sons of Ivaldi that create precious items for the gods: Odin's spear Gungnir, and Freyr's foldable boat Skíðblaðnir. Then Loki bets his head that the two Dwarves, Sindri (or Eitri) and his brother Brokkr would never succeed in making items more beautiful than those of Ivaldi's sons. The bet is accepted and the two brothers begin working. Thus Eitri puts a pig's skin in the forge and tells his brother (Brokkr) never to stop blowing until he comes and takes out what he put in.
In Iron Man and Fear Itself, the stories all stand on their own, nothing really has changed but having Svartalfaheim seem to be more of a "potty mouth" work foreman for Asgard and much like the stories, takes great interest in helping forge weapons based on pieces of great attributes, and in Tony's stance, his repulsar technology. This is a nice modern twist on classic Norse and while the Worthy might be all original creations, their weapons are part of classic lore.
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