Odin's Eye

 In Norse mythology, Odin gave up his eye in order to drink from the well of Mimir, in order to gain wisdom and memory.

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This story parallels this card's effect, in that Odin gives up his eye (the negation of the effects of an Aesir monster you control) to gain wisdom and memory (look at the cards in your opponent's hand or all Set Spell/Trap Card your opponent controls).

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He also gained the power to see the future.

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This is one of the few cards to be powered up from its anime effect rather than powered down.

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TCG Rulings

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You can flip "Odin's Eye" during the Standby Phase and activate its effect at the same time.: Storm of Ragnarok -- Card Rulings (Version 1.0)

If you don’t activate its effect at the same time, your opponent can Chain to this card’s activation.

You can only look at your opponent’s cards when this effect resolves, they are not revealed for the whole turn.

You can activate this effect if your opponent has no cards in hand, or no Set cards, but you cannot activate it if your opponent has no cards in hand AND no Set cards.

You can Chain "Odin's Eye" and/or its effect to an effect that activates during the Standby Phase.

If "Odin's Eye" is destroyed during a turn when you activated its effect, the targeted “Aesir” monster no longer has its effects negated.