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                                                                   EXHIBIT 23.1


                        CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption "Experts" and to the  
use of our report dated October 24, 1997 in Amendment No. 4 to the 
Registration Statement (Form S-1 File No. 333-36937) and related Prospectus of
Nanophase Technologies  Corporation dated November 26, 1997 for the sale of 
4,000,000 shares of its Common Stock. 

                                             /s/  ERNST & YOUNG LLP
                                             Ernst & Young LLP

Chicago, Illinois
November 25, 1997