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Wakfu Points are spent in order to perform rare or otherwise "better" actions during combat. At the most basic, a spell with a Wakfu Points cost can mean higher damage compared to a spell without such a cost.
Certain spells or attacks use a certain number of WP when cast. If you don't have the WP, you can't attempt the action. Unlike AP, the number of WP available to a character is only restored after each fight. It will not naturally replenish during combat itself.
Though effectively "more expensive" than AP, there are still a handful effects, that can alter the WP of a creature. Within the 14 classes WP can be altered by Enirispa's Traid Mark (%WP steal on enemy defeat) and Foggernaut'sstasis spells. There are also states given by monsters.
While WP-cost spells may be more powerful than others, they are usually limited by the amount of AP the caster currently has. However, a number of spells have pure WP costs, meaning they can be cast independent of any other resources.