Disclosed herein is a semiconducting nanoparticle comprising a one-dimensional semiconducting nanoparticle having a first end and a second end; where the second end is opposed to the first end; and two first endcaps, one of which contacts the first end and the other of which contacts the second end respectively of the one-dimensional semiconducting nanoparticle; where the first endcap that contacts the first end comprises a first semiconductor and where the first endcap extends from the first end of the one-dimensional semiconducting nanoparticle to form a first nanocrystal heterojunction; where the first endcap that contacts the second end comprises a second semiconductor; where the first endcap extends from the second end of the one-dimensional semiconducting nanoparticle to form a second nanocrystal heterojunction; and where the first semiconductor and the second semiconductor are chemically different from each other.