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Carbon nanotubes and graphene possess a unique extended π-system that makes them stand out among carbon nanostructures. The resulting electronic properties enable electron or charge flow along one or two directions, respectively, thus offering the opportunity to connect electronically different entities that come into contact, be they living cells or catalytic systems. Using these carbon nanostructures thus holds great promise in providing innovative solutions to address key challenges in the fields of medicine and energy. Here, we discuss how chemical functionalization of these carbon nanostructures is a crucial tool to master their properties and deliver innovation.