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It is an easily made building block for many organic and organometallic compounds.
L. Zhi; J. Wu; J. Li; M. Stepputat; U. Kolb; K. Müllen. Diels-Alder Reactions of Tetraphenylcyclopentadienones in Nanochannels: Fabrication of Nanotubes from Hyperbranched Polyphenylenes. Advanced Materials. 2005, 17(12), 1492-1496.
John W. Elder. Microwave Synthesis of Tetraphenylcyclopentadienone and Dimethyl Tetraphenylphthalate. J. Chem. Educ. 1994, 71(6), A142.
Reaction with alkynes is accompanied by extrusion of CO to give the aromatic system; see, e.g. (diphenylacetylene): Org. Synth. Coll., 5, 604 (1973). Reaction with maleimide in nitrobenzene leads directly to the aromatized product: J. Heterocycl. Chem., 9, 1251 (1972).