4 dragons, or the one inside has two heads... But maybe, as the guards in the foreground are sound asleep as well, we can assume the whole castle is under some kind of sleep spell, so he is cruising on his swans towards 4 dragons that can't wake up... which is still kinda cool thing to do butt-naked...
metal (weapons and armor) they can all smell a mile off. nudity, not so much..?
The shield on the right has a simple rebus puzzle. Is the main art depicting literal events from the story, or could it also be a rebus?
I'll have to read the tale it comes from when I get a chance. I think classic fairy tales like this should be as much required reading for DMs as Swords & Sorcery is.
The shield's actually just a pictogram, not a rebus. My mistake.