A method for fabricating nanostructures, which includes the steps of forming a multi-segmented nanowire; and performing a galvanic displacement reaction on the multi-segmented nanowire. The method utilizes template directed electrodeposition to fabricate nanowires with alternating layers of sacrificial/noble metal, enabling a new level of control over particle spacing, aspect ratio, and composition. Moreover, by exploiting the redox potential dependent reaction of galvanic displacement, nanopeapod materials can be extended (semiconductor/metal, p-type/n-type, metal/metal, ferromagnetic/nonmagnetic, etc.) beyond the fundamental metal/metal-oxide nanopeapods synthesized by high temperature techniques. In accordance with an exemplary embodiment. Co/Au and Ni/Au multisegmented nanowires were used to create Te/Au nanopeapods by galvanic displacement, producing Te nanotubes and nanowires with embedded Au particles, respectively.