First-touch attribution gives all the credit to the first interaction a customer had with you. It tells you which channels introduce new people. Last-touch attribution gives all the credit to the final interaction before the conversion. It tells you which channels close.
Looking at only one of them leads to predictable mistakes. Last-touch alone makes prospecting look unprofitable and retargeting and branded search look heroic. First-touch alone ignores the work that turned interest into a sale. Comparing both on the same report, campaign by campaign, shows which campaigns open journeys and which finish them.