Thankfully, Infinity Blade 3 comes with an achievement system that lets you earn Chips by completing a variety of goals. To view the list, simply pause the game by tapping the sword at the top of screen and selecting Goals. Not only does Chair list them all, but also your current progress towards completion and the number of Chips you'll earn for doing so.
Infinity Blade 3 Goals List

This includes, but is not limited to, the following:
Gotcha!: Obtain the Infinity Blade (500 Chips)
Traveling without moving: Do five super moves (20 Chips)
Steady Supplier: Buy three items from the merchant (100 Chips)
Empire Building: Acquire 1,000,000 gold.
Some Goals are one and done, while others are multi-tiered. In addition, you must collect all rewards manually to receive the Chips. You'll know a Goal has been completed by the exclamation point next to the Goals category. From there, simply tap the completed Goal to add the Chips to your total.

What are Chips good for? Health, for starters, along with keys to open chests, ingredients to brew potions and prize wheels.