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Monodisperse magnetite nanoparticles are prepared using high-temperature solution phase reaction. To study particle size effect on the magnetic behavior, three different particle sizes of magnetite are dispersed in paraffin wax. The crystal structure and phase purity of all synthesized magnetite nanoparticles are characterized by X-ray powder diffraction. Particle shape and size are observed by scanning transmission electron microscope (STEM) and magnetic properties are measured using vibrating sample magnetometer (VSM).