Pour eggnog into a small saucepan. Sprinkle gelatin evenly over the top and let sit for 2 minutes.
Warm the mixture over low heat, stirring constantly, until the gelatin dissolves completely (do not boil).
Stir in sugar until fully dissolved. Remove from heat.
Add vodka, bourbon, and nutmeg. Mix until combined.
Pour the mixture evenly into 12-14 plastic shot cups.
Refrigerate for at least 4 hours or until set.
Before serving, top each shot with whipped cream and a sprinkle of nutmeg.