A method of synthesizing nanostructures. In one embodiment, the method includes the step of heating a reaction mixture at an elevated temperature, T, for a period of time effective to allow the growth of desired nanostructures. The reaction mixture contains an amount, P, of a carboxylate salt and an amount, L, of a fatty acid ligand, defining a molar ratio of the fatty acid ligand to the carboxylate salt, α=L/P, and a hydrocarbon solvent. The reaction mixture is characterizable with a critical ligand protection, μ, associating with the chemical structure of the carboxylate salt such that when α μ, the reaction mixture is in a sufficient ligand protection (SLP) domain. The nanostructures are formed in the form of single crystalline and nearly monodisperse nanocrystals, which are in the form of dot-shaped nanocrystals, when the reaction mixture is in the SLP domain, and in the form of nanoflowers, when the reaction mixture is in the LLP domain, respectively.