Used primarily in organic synthesis, this compound serves as a key intermediate in the production of advanced materials, particularly in the development of liquid crystals and organic semiconductors. Its ethynyl and hydroxyl functional groups make it valuable for cross-coupling reactions, enabling the creation of complex molecular structures. Additionally, it finds application in pharmaceutical research for designing drug candidates, especially those targeting neurological disorders, due to its ability to interact with biological systems. Its unique structure also contributes to its use in the development of fluorescent probes and sensors for detecting specific molecules in analytical chemistry.