Used in the synthesis of fluorescent dyes and optical brighteners due to its naphthalene core, which provides strong light absorption and emission properties. Its methoxy and hydroxymethyl groups allow for further chemical modifications, making it a useful intermediate in organic electronics and photovoltaic materials. Also employed in the development of sensors and probes for biological imaging, where its fluorescence can be tuned for specific wavelengths. Additionally, it serves as a building block in pharmaceutical research for designing compounds with potential bioactivity.