Prince's Gambit is a chess opening that arises after the moves 1.e4 e5 2.Nf3 Nc6 3.Bc4 f5. It is a variation of the Gambit family, where one player sacrifices material, usually a pawn, to gain a more active position. The idea is to create immediate threats against the opponent's king and to control the center of the board. This opening is named after the Prince of Wales, who was known to play it in the 19th century. While it can lead to aggressive and tactical play, it also requires careful handling, as the player accepting the gambit can gain a material advantage if they defend accurately.