A nanocatalyst including single atoms of platinum dispersed on a nanoscale metal oxide, and the nanocatalyst comprises 0.01 wt % to 1 wt % platinum. Preparing the nanocatalyst includes combining a solution comprising a nanoscale metal oxide and a compound containing a Group 10 metal to yield a mixture, aging the mixture for a length of time, filtering the mixture to yield a solid, washing the solid to eliminate water soluble anions, and calcining the solid to yield a nanocatalyst including single atoms or clusters of atoms of the Group 10 metal on the nanoscale metal oxide.