The first synthesis of hollow nanocapsules with an aqueous core via olefin cross metathesis is presented. The reaction was tailored such that it proceeds selectively at the oil-water interface of aqueous nanodroplets in an inverse miniemulsion. The cross metathesis takes place between an acrylated polysaccharide and unsaturated organophosphates under mild conditions. This general protocol allows the synthesis of biocompatible and polyfunctional nanocapsules via the bioorthogonal olefin metathesis, thus generating a highly versatile methodology for the design of future materials for biomedical applications but also for materials science. Functionalization of the nanocapsules was demonstrated with fluorescent labels, which can be attached to the pendant phosphoester either within the cross-linker, exploiting the versatility of the phosphorus chemistry, or via coupling to the capsules' surface.