NOVELTY - Gas dispersion method for making nanoparticulates involves: (a) generating flowing gas dispersion comprising droplets of precursor medium comprising liquid vehicle and at least two precursors, where first precursor is precursor to first material and second precursor is precursor to second material, the second material is surface-modifying material; (b) forming particles dispersed in gas phase, each particle comprising second material and nanoparticulates that include first material; forming particles involves removing at least a portion of liquid vehicle from droplets.    USE - For making nanoparticulates useful in catalyst, electrocatalyst, absorbent, chemical separations and bio-separation applications; also useful in formulations of inks, pastes and tapes that are used in depositing thin or thick films, such as optically transparent conductors for use in displays, magnetic coatings for storage media and printed circuitry for electronic applications, solar cells; and other applications including pharmaceutical formulations, drug delivery applications, medial diagnostic aids, abrasives, pigments, phosphors for lighting and diagnostic applications, dental glasses, polymeric fillers, thermal interface materials and cosmetics.    ADVANTAGE - The method provides nanoparticulates in dispersed state, thus solving the problems with agglomeration that may be encountered during manufacture, processing, handling and using nanoparticulates which are maintained in the dispersed state by matrix.    DETAILED DESCRIPTION - Gas dispersion method for making nanoparticulates involves: (a) generating flowing gas dispersion comprising droplets of precursor medium comprising liquid vehicle and at least two precursors, where first precursor is precursor to first material and second precursor is precursor to second material, the second material is surface-modifying material; (b) forming particles dispersed in the gas phase, each particle comprising second material and nanoparticulates that include the first material; forming particles comprises removing portion of liquid vehicle from droplets; where particles are decomposable in liquid dispersion medium to release nanoparticulates from particles for dispersion in the liquid dispersion medium; such that portion of the second material modifies surface of dispersed nanoparticulates. Step (b) involves forming multi-phase particles dispersed in the gas phase, where multi-phase particles each comprising a dispersion of nanoparticulates and matrix, the nanoparticulates maintained in a dispersed state by the matrix, the nanoparticulates comprising the first material and the matrix comprising the second material; the forming multi-phase particles involving removing portion of the liquid vehicle from the droplets to the gas phase and reacting the first precursor to form the first material; where prior to the forming multi-phase particles, the gas dispersion comprises a reducing agent; and comprises reaction of the reducing agent to promote chemical reduction to form the first material.