We have proposed in 1992 that nanoparticles of layered compounds will be unstable against folding and close into fullerene-like structures and nanotubes (IF). Nanotubes and fullerene-like structures were prepared from numerous compounds with layered and recently also non-layered structure by various groups. Much progress has been achieved in the synthesis of inorganic nanotubes and fullerene-like nanoparticles of WS 2 and MoS 2 and many other metal dichalcogenides over the last few years. Substantial progress has been accomplished in the use of such nanoparticles for tribological applications and lately for impact resilient nanocomposites. These tests indicated that IF-MoS 2 and IF-WS 2 are heading for large scale applications in the automotive, machining, aerospace, electronics, defense, medical and numerous other kinds of industries. A few products based on these nanoparticles have been recently commercialized by "ApNano Materials, Inc". Novel applications of inorganic nanotubes and fullerene-like nanoparticles in the fields of catalysis; microelectronics; Li rechargeable batteries; medical and opto-electronics will be discussed.