Used primarily in research settings, this compound serves as a precursor in the synthesis of more complex molecules, particularly those with psychoactive properties. It is often employed in the study of serotonin receptors due to its structural similarity to serotonin, aiding in the understanding of neurological processes and potential therapeutic targets. Additionally, it has been explored for its potential role in the development of pharmaceuticals aimed at treating mood disorders, such as depression and anxiety. Its applications also extend to the field of organic chemistry, where it is utilized in the creation of novel compounds for various experimental purposes.