Primarily utilized in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and bioactive molecules. Its structure, featuring a naphthalene ring, makes it valuable in the development of compounds with potential therapeutic properties, particularly in the field of neuroscience. It is often employed in the synthesis of ligands for receptor studies, aiding in the exploration of neurological pathways and drug discovery. Additionally, it finds use in the creation of fluorescent probes and dyes due to its aromatic characteristics, which enhance photophysical properties.