Mads Mikkelsen did not receive an Oscar nomination for portraying One-Eye in Valhalla Rising.
Valhalla Rising is film that seems to encourage polarizing reactions from those who watch with its minimalist, contemplative style. The only point of any agreement should come from the film's striking technical elements particularly its cinematography, although these are perhaps just a little diminished by the bizarre choice to use terrible and very distracting Photoshop blood splatter effects, especially given the amount of practical effects already utilized. The rest though will be how one takes to the stark story, and storytelling methods that features intense yet cold emotions. This is perhaps best personified through the central character of One-Eye played by Mads Mikkelsen. Mikkelsen has not a single line in the entire film, as his One-Eye is a man of actions only. This is from the outset of the film where we see him used by a chieftain for fights to the death in between being locked in a cage. Now often a silent performance does not mean unemotional however even here One-Eye is purposefully made to be an enigmatic character, and somewhat distant in his rather mystical presence within the film. That is right down to his moniker and physical attribute that alludes to Odin the Norse god, which extends as far as One-Eye having the power to foresee the future.
This performance is not exactly the usual type of challenge these performances are since part of the intention of the character is to be a bit impenetrable particularly against the other characters who wear their emotions far more openly and broadly. Mikkelsen's One-Eye is suppose to be set as a stone in a way, a man above and beyond those around him in someway. Mikkelsen's work is not particularly emotional, and really his character is rather static once again acting in contrast to those around him. Mikkelsen's portrayal falls largely upon his own presence which is remarkable in its own right. There is something naturally compelling about Mikkelsen to the point that even when he's not saying anything verbally or non-verbally for that matter, there is something striking in Mikkelsen's very being. Mikkelsen becomes an impressive conduit of interest throughout the film, as he does compel one to watch One-Eye even though he gives very little to explain the man. What truly defines Mikkelsen's performance is what is it that he brings within this almost set condition of One-Eye that defines the character throughout the film.
Mikkelsen's presence is worthy of the demi-god, or just simply god within the story. Mikkelsen brings that natural intensity of his, particularly through that incisive single eye of his here that indeed seems to see beyond all those around him. There is a mercilessness about this, yet not exactly an evil that Mikkelsen portrays. Mikkelsen for much of the film doesn't depict One-Eye as good or as evil, but something that simply is. Mikkelsen is able to capture a being who acts upon some will greater than the normal man even in the way he kills Mikkelsen portrays with this exactness not of a skilled warrior rather as a deity dispensing his judgment. Mikkelsen nor the film desires more from the character than this exact state which continues as he joins a crusade to the unknown. Mikkelsen acts as the only point of stability in the journey although even then this is in a purposefully cold and distant fashion. One-Eye even as he has visions of a certain doom does not wither from this, rather treats this as his inevitable fate. The only slight break we are granted is in his final moments where he awaits this fate with a boy who gave him food in captivity, and he acted as protector to on their journey to the unknown. Mikkelsen still portrays this true to the state of One-Eye as in simple comforting pat there is the only warmth to be found anywhere within the film. Mikkelsen even depicts this though as part of the otherworldly nature still even in the human act, it is still seemingly a pardon towards the boy from a god. This performance is exactly as it should be in this specific realization of the omnipotent One-Eye, to be more emotional, would be dishonest to the role. Mikkelsen delivers all that he is able within the confines, and is far more compelling than most actors would be in the role. He is however still subservient towards the overarching vision which leaves him in that exact distant state that is still only as absorbing as the film allows him to be.