Used as a catalyst precursor in homogeneous catalysis, particularly in reactions involving C–C coupling and hydrosilylation. It serves as a convenient source of platinum(0) or platinum(II) in organoplatinum chemistry due to the labile nature of the cyclooctadiene ligand, which readily dissociates to allow substrate coordination. Commonly employed in the synthesis of complex organic molecules and in materials science for the preparation of platinum-containing polymers or nanostructures. Its stability and solubility in organic solvents make it suitable for use in solution-phase reactions under inert atmosphere conditions.