Defying perception

English as a Second Language English Vocabulary, Grammar and Idioms
1

Hi,
Here I am again with a complicated sentence for me of course. I would be thankful if you could let me know what bellow sentence mean.

Defying the perception of it as a novelty substance for parties and gimmicks, the element actually has many vital applications in society.

I saw it when I was reading paragraph C in below website.

takeielts.britishcouncil.org/pt/ … c/readin-1

Many thanks,
Amir

2

Contrary to the perception of it as something new/unfamiliar that can only be demonstrated at parties as a device intended to attract attention, the element actually has many vital applications in society.

3

You are the best. Thanks man.
In fact I was able to understand the first part and you kindly paraphrase all the sentence.

Thanks a lot.