Used primarily in research settings as a fluorescent probe due to its strong emission properties, this compound is valuable in studying biological systems, particularly for detecting metal ions in cellular environments. Its structure allows for selective binding and signal response in the presence of specific cations, making it useful in developing sensors. Additionally, it serves as a building block in synthesizing more complex organic molecules with potential pharmaceutical activity. Limited solubility in water requires use in organic solvents or with solubilizing agents for biological applications.