FTRP is mainly set in Fiore. However, the Fairyverse itself is a massive place that includes many other places such as Ishgar, Edolas, and the Western Continent. The Fairyverse is a part of a larger multiverse, but as stated before, the crux of the site itself is set in Fiore.
The FTRP Fairyverse has similarities and differences from Hiro Mashima's Fairyverse. The FTRP Fairyverse does include dragons, gods, and devils, and their respective slayers. However, FTRP goes beyond that and creates much more races. Dragons are all mighty, but are not unbeatable like Hiro Mashima's Dragons.
Time: If you have noticed, FTRP is set far into the future from the Hiro Mashima's story. In fact, FTRP is living in the modern age, with tall skyscrapers, portable, powerful handheld devices powered by magic stored inside of lacrimas. Gaming PCs powered by lacrima are common. In addition, there are technologies derived from other sources of media, all powered by magic, rather than electricity. There is electricity, but the main source of energy comes from these lacrima that create energy. It is environmentally friendly, and the coal and oil industry hate them.
Fiore itself is a relatively populated country, with about 20 million citizens. With only 10% of the population being capable of using magic, the rest are reliant of lacrima. Thus, lacrimas are considered a life essential to live in this modern age.
Nobility: In the Fairyverse, there is many many races of beings. Some beings are much more suited to magic than others. Such as Dragons, Vampires, and Fairies. Even certain mages are more suited to magic than the average mage. We call those who have natural talent for Magic, Nobles.
Nobles are beings with immense magical talent. Without working, they are already incredibly powerful. A good example of a noble would be Fiore's royal family. Their magical talent is above 99% of mages. Vampires, Werewolves, Dragons, and many other races fall under this category.
Above the nobles, are immortal beings. Literally walking deities that roam the Fairyverse. They are so powerful, that one of these beings can dominate one hundred Nobles. These beings are known as High Daylight Walkers (High Nobles), and are incapable of death under normal circumstances. Shinso Vampires, Lycanthropes, and Dragon Kings all belong to this class of magic users.
However, even though Nobles and High Daylight Walkers are naturally gifted in magic, it does not mean that their position is absolute. A regular mage, with enough skill and strength can defeat a High Daylight Walker with ease. However, it requires more work, generally speaking. Having nobility does no guarantee that you are strong. It simply means you have a stronger natural talent for magic.