Waterdeep is a city-state on the fictional continent of Faerûn, the setting of the popular Dungeons & Dragons campaign setting Forgotten Realms. Waterdeep, also known as the City of Splendors is one of the largest and busiest cities—and most important political powers—on the continent, and is run by a group of (mostly) anonymous Masked Lords of Waterdeep (cf. cryptocracy). Waterdeep is a human city, although other races also take residence therein.