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Nanomaterials have conquered the field of science and technology, and are considered as the driving force behind most of the scientific discoveries in the 20th century. Fullerenes entail one among the leading members of the family of nanomaterials which are characteristically allotropic forms of carbon. The uniqueness lies in its structure itself that it has a closely packed cage-like pattern of carbon atoms arranged like a ‘buckyball’. This peculiarity further makes the nanostructure a suitable platform for a wider range of medical and non-medical applications. Furthermore, proper fine-tuning or modification can accomplish targeted application requisite. Nevertheless, such an increased level of applications concurrently necessitates toxicity assessment as well. Available studies on the cytocompatibility of fullerene C70 confirm the fact that C70 is not eliciting any discernible toxic impacts in fibroblast cells up to the maximum tested concentration. This view undoubtedly justifies the utilization of fullerene C70 in various applications. However, authors recommend deeper toxicity evaluations to guarantee its biocompatibility and hence wider applicability.