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What type of paint are the GW paints? Acrylic paint? Was wondering because at Hobby Lobby, and Michaels they have paint for around a buck fifty. I guess what im asking is what kind of paint it is? Thanks for the info in advance.

Both are acrylic paint.

That stuff Is craft paint, no where near the quality.

You can use it for some things, like terrain, but overall if your time is worth anything, I would suggest using mini paints.

For a more technical description -
It has to do with the quality, and size of the pigments, and the quality of the "medium". Those paints will not go on a smooth or cover as well, and if you ever decide to airbrush with them are very challenging to work with.

Paints are all about the quality and density of the pigments, and how fine they are ground and the quality (chemical wise) of the medium (the fluid which the pigments are suspended in - no, its not water).

If you want a bit more information on paint, and formulations;
http://en.wikipedia.org/wiki/Acrylic_paint

So, in summary - its fine for terrain, but for models - you want the better quality paints - gw or otherwise.

(for which brand of hobby paint, do some searches, its quite subjective and a lot of people prefer one over the other).

Best of luck!