With a simple and conformal metal nanocrystal dipping of synthesized micelles, nonvolatile memory characteristics originating from a metallic cobalt (Co) core nanocrystal (NC) surrounded by a Co-oxide shell are investigated in this study. From transmission electron microscopy (TEM) and x-ray photoelectron spectroscopy (XPS), it was confirmed that Co-oxide was made by oxygen plasma for polymer oxidation and that metallic Co wrapped with a Co-oxide shell was made by hydrogen annealing in order to reduce the Co-oxide. Energy band diagrams considering the extent of the coexistent metallic Co/Co-oxide were also analyzed in terms of how they correspond to each program/erase/retention case. These cases were verified by electrically measured data. These results can provide a guideline for the design and optimization of metal NC embedded memory.