Used as a luminescent material in optical devices due to its strong red emission under UV light. Commonly applied in organic light-emitting diodes (OLEDs) and as a dopant in phosphors for display technologies. Also serves as a catalyst in organic synthesis, particularly in polymerization reactions. Its paramagnetic properties make it useful in NMR spectroscopy as a shift reagent. Additionally, it is employed in research for developing sensors and bio-imaging agents because of its long luminescence lifetime and low toxicity.