Condesnser microphones require power to operate. They could possibly be powered by batteries (unreliable) or external power supplies (bulky and inconvenient). Phantom power was designed as a convenient and universal way for the mic preamp to provide power down the mic cable to condenser mics. Dynamic microphones do not require phantom power and in general, applying phantom to a dynamic will not harm it, unless that dynamic is a ribbon microphone. Ribbons don't like phantom and could be damaged by phantom.
Your sm57 is a dynamic, but not a ribbon. Therefore, sending phantom to your sm57 will not harm it.