Used primarily as a fluorescent probe in biochemical and analytical applications, this compound exhibits strong solvatochromic properties, making it useful for studying microenvironment polarity in proteins and membranes. Its fluorescence response to environmental changes allows researchers to monitor conformational changes in biomolecules and detect molecular interactions in solution. It is also employed in the development of sensors for detecting specific analytes in environmental and biological samples due to its reversible response to pH and metal ions. Additionally, its unique photophysical behavior supports its use in imaging techniques and spectroscopic studies where high sensitivity to local polarity is required.