Whisk the Eggnog Mixture. In a bowl, combine eggnog, eggs, vanilla extract, and a pinch of nutmeg. Whisk until well blended.
Dip and Coat. Dip each slice of bread into the eggnog mixture quickly, ensuring both sides are well coated but not oversaturated.
Cook to Perfection. Heat a skillet or griddle over medium-high heat and add a touch of butter. Cook the soaked bread slices until they are golden brown on both sides, flipping as needed.
Serve and Enjoy. Transfer the Eggnog French Toast to a serving plate. Top with powdered sugar and maple syrup or your favorite holiday toppings.