Dumbbell-shaped or flower-shaped nanoparticles and a process of forming the same, wherein the process comprises forming a mixture of a nanoparticle with a precursor in a first solvent, wherein the nanoparticle comprises a hydrophobic outer coating; heating the mixture; cooling the mixture to room temperature; modifying the hydrophobic outer coating into a hydrophilic outer coating; precipitating a solid product from the mixture, and dispersing the product in a second solvent. The nanoparticles comprise any of a semiconducting, magnetic, and noble metallic material, wherein the nanoparticles comprise a first portion comprising any of PbSe, PbS, CdSe, CdS, ZnS, Au, Ag, Pd, and Pt, and wherein the precursor comprises any of a cationic, neutral or particulate Au, Ag, Pd, Pt, or transition metal (Fe, Co, Ni) precursors of Fe(CO).sub.5, Co(CO).sub.8, Ni(CO).sub.4 or their analogues. The first and second solvents comprise any of alkanes, arenes, ethers, nitrites, ketones, and chlorinated hydrocarbons.