How do ps2 classics work on ps3?

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Are they emulated? Or streamed? And could a ps2 disc work as an unlock key for a ps2 classic game, similar to how xbox handles its „backwards compatibility“? Or would you have to purchase it on the ps3 store?

Also I just bought a ps3 so Idk about this, but does the store ever have sales? Or is it full price only apart from key sites?

All of these questions are for a slim 3000 model btw.
submitted by /u/PH4NT0K3N
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Source: https://www.reddit.com/r/PS3/comments/1 ... rk_on_ps3/