Used as a key intermediate in the synthesis of indole-based pharmaceuticals and agrochemicals. Its structure allows for selective alkylation and acylation reactions, making it valuable in the development of bioactive molecules. Commonly employed in research settings to construct complex heterocyclic systems, particularly in the design of serotonin receptor modulators and anti-inflammatory agents. Also utilized in the preparation of fluorescent probes due to its naphthyl group, which enhances photostability and emission properties.