As with any narrative, your decision must be based on the type of story you want to produce. Third person lets you (and the readers) see situations from different points of view. With first person, you concentrate on the viewpoint of just one character.
If you choose the first person, you need a credible reason why the character should tell their own story. You also need to be sure you’re able to be the ears, eyes, nose, heart and brain of a character whose experiences of life are necessarily very different from yours.