I'll give a non-gun example - you buy a piece of property near the headway of an important river. You have an individual right to improve the property, and really use it any way you want. HOWEVER - the people who live downstream of you ALSO have a collective right to use the river, which puts a limit on your individual rights. You can't dump pollutants or trash in the river, nor can you divert the waterway. You have an individual right to use your own property, but your neighbors (depending on the issue, this may be local or global) have a collective right not to suffer damage or externalities from that use.
In the context of the gun discussion, the collective rights people believe that gun ownership is intended to defend the neighborhood, not for individual self-defense.