This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and bioactive molecules. Its structure makes it suitable for the development of compounds targeting the central nervous system, particularly in the synthesis of potential psychotropic agents. Additionally, it has been explored in research settings for its role in studying neurotransmitter analogs, aiding in the understanding of neurological processes and the development of therapeutic drugs. Its methoxy and phenethylamine groups contribute to its versatility in chemical reactions, enabling the creation of diverse derivatives with potential applications in medicinal chemistry.