What is the point of living a minimalist lifestyle?

I don't know much about minimalism, but I was introduced to the concept a few years ago. I'm not sure what to make of it, and I had a question for those who practice this lifestyle. What is the point of living a minimalist lifestyle? Is the idea to be able to save more money so that you can live the life you want and not be controlled by your possessions? Is it to save the environment by producing more waste? I don't know enough to make any conclusions. Looking for answers.