At present, ChatGPT is penetrating all spheres of human activities, and especially education is no exception. The purpose of this exploratory study is to examine the potentials and pitfalls of using ChatGPT for academic purposes among university students, as well as provide relevant pedagogical implications for its use in academia. The methodology is based on a mix-method approach, i.e. both quantitative and qualitative by analysing an online questionnaire that was distributed among both Czech and foreign students at a university in the Czech Republic. The findings of this study reveal ChatGPT's burgeoning significance as an academic instrument, alongside concerns regarding its constraints and potential misuse. Most students employ ChatGPT for academic purposes, as demonstrated by the favorable feedback it receives for its effectiveness in facilitating research, stimulating idea generation, promoting comprehension of intricate concepts, and furnishing prompt responses. Hence, ChatGPT embodies promise for forthcoming generations regarding its capacity to augment educational programs, potentially fostering greater efficiency and interactivity in the learning process. Nevertheless, a critical apprehension lies in students excessively relying on ChatGPT, which may impede the cultivation of vital skills, such as critical thinking and problem-solving. Therefore, the authors of this study provide several pedagogical implications for its use in academia, such as using ChatGPT as a supportive tool in classes, as well as using it for collaborative work and group tasks since ChatGPT promotes sharing information, faster collection of data, providing diverse and creative ideas, or speed communication. Another important pedagogical implication is raising awareness of ethical guidelines, given that many students remain oblivious to them, necessitating the training of teachers to impart ethical usage of ChatGPT. Finally, the results of this study align with several educational theories, such as constructivism or self-determination theory.