If you have a blank wall you can use it there for lots of storage. Be sure to add some boards behind it (around the edges like a frame on the backside) so it provides room for the hooks. Plus I would paint it. Spray painting is easiest for pegboard but that is a big board and would take a lot of spray paint. Brushing on paint gets it in the holes and then it's a pain to make sure they're all cleared out. Experience speaking here.
Or you can cut it into smaller pegboards. Just don't forget the boards in the back when you hang it.
When I first got pegboard in my room (my old house) it wasn't very easy to find the hangers and other accessories for it. But nowadays they can be found easily and there are a lot of neat options.