We present an overview of ongoing research endeavors focused on in-band full-duplex (IBFD) massive multiple-input multiple-output (MIMO) systems and their applications. In response to the unprecedented demands for mobile traffic in concurrent and upcoming wireless networks, a paradigm shift from conventional cellular networks to distributed communication systems becomes imperative. Cell-free massive MIMO (CF-mMIMO) emerges as a practical and scalable implementation of distributed/network MIMO systems, serving as a crucial physical layer technology for the advancement of next-generation wireless networks. This architecture inherits benefits from co-located massive MIMO and distributed systems and provides the flexibility for integration with the IBFD technology. We delineate the evolutionary trajectory of cellular networks, transitioning from conventional half-duplex multi-user MIMO networks to IBFD CF-mMIMO. The discussion extends further to the emerging paradigm of network-assisted IBFD CF-mMIMO (NAFD CF-mMIMO), serving as an energy-efficient prototype for asymmetric uplink and downlink communication services. This novel approach finds applications in dual-functionality scenarios, including simultaneous wireless power and information transmission, wireless surveillance, and integrated sensing and communications. We highlight various current use case applications, discuss open challenges, and outline future research directions aimed at fully realizing the potential of NAFD CF-mMIMO systems to meet the evolving demands of future wireless networks.