What is Fantom FTM used for?

Could you kindly explain, in simple terms, the purposes and applications of Fantom FTM? I'm curious to know how it's being utilized in the cryptocurrency and finance industry. Could you elaborate on its functionality and potential benefits for users? Also, could you discuss any challenges or limitations that might exist in relation to FTM's usage? It would be great if you could provide a concise yet informative overview of FTM's role in the cryptosphere.