Dueling?

So I'm pretty dang new to Wynncraft - can someone explain dueling to me? It seems like whenever I'm playing, running through Ragni doing low level quests because I'm a low level player I always get someone who tries to duel me. They're usually 20 or so levels higher than me so I never do it but I'm pretty curious since it happens a lot.

Do you get points/loot/xp from participating in and winning a duel? Do you get anything if you lose? Do you duel to death? Is there a point other than PVP?

Thanks in advance :D

 

No soul points lost
No loot gained
No exp
Just pure fun

 

Thanks :)