Used as an intermediate in organic synthesis, particularly in the production of dyes and fluorescent compounds due to the naphthyl groups' optical properties. It serves as a ligand in coordination chemistry and is employed in the preparation of catalysts for asymmetric synthesis. In research, it is valuable for studying reaction mechanisms involving carbocations, as it can form stable diarylmethyl cations analogous to trityl cations. Additionally, its aromatic structure enables applications in the development of photochromic materials and chemical sensors.