Used primarily as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of serotonin receptor modulators and psychoactive substances. It plays a role in creating tryptamine-based analogs, which are studied for their potential effects on the central nervous system. Also utilized in research settings to explore new bioactive molecules and in the preparation of fluorescent probes for biochemical assays due to its indole backbone, which is known for favorable interactions in biological systems.