Nanoparticle (NP) catalysis is traditionally viewed as a sub-section of heterogeneous catalysis. However, certain properties of NP catalysts, especially NPs dispersed in solvents, indicate that there could be benefits from viewing them from the perspective of homogeneous catalysis. By applying the fundamental approaches and concepts routinely used in homogeneous catalysis to NP catalysts it should be possible to rationally design new nanocatalysts with superior properties to those currently in use.