Ligand exchange is crucial for several reasons. Firstly, it enables the tuning of surface chemistry of nanoparticles, which can affect their solubility, stability, and reactivity. Secondly, it allows for the introduction of functional groups that can facilitate further chemical reactions or biological interactions. Thirdly, ligand exchange can improve the biocompatibility of nanoparticles, making them suitable for biomedical applications such as drug delivery and imaging.