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Void Collapse is, essentially, not an energy, but a phenomena/event in which "Chaos" is generated. Chaos is basically what's left after the Collapse/destruction of the Abyss (Layered Nothingness/NEP) of Hell (World of Nothingness) as well as what existed before the birth of Hell.
So it's basically Chaos beyond existence and nonexistence. Alternatively, since it can create both, you can extract nonexistence energy/Nihility from it.
Like let's say if Primordial energy made elemental energies, someone who uses primordial energy can extract elemental energy from the primordial energy.
As for its use, it's the destruction and creation of worlds. Veldanava specifically used it to create the Cardinal World.