Preheat the oven to 325°F (165°C).

In a mixing bowl, combine graham cracker crumbs, melted butter, sugar, and nutmeg until well blended. Press into the bottom of a 9-inch springform pan.

Bake the crust for about 10 minutes until golden and fragrant, then cool slightly.

Wrap the springform pan with aluminum foil and reduce oven temperature to 300°F (150°C).

In a large mixing bowl, beat cream cheese until smooth. Gradually add sugar, flour, eggnog, and nutmeg until creamy.

Add room-temperature eggs one at a time, mixing on low speed after each addition.

Pour the cheesecake batter into the cooled crust. Wrap the springform pan in foil.

Place the wrapped pan in a larger roasting pan and fill the roasting pan halfway with warm water.

Bake for 1 hour and 30-40 minutes, monitoring closely for a slight jiggle in the center.

Turn off the oven, slightly crack the door, and let cool for 30 minutes.

Chill the cheesecake in the refrigerator for at least 5-6 hours or overnight.

For the topping, whip cold heavy cream until soft peaks form. Gradually add eggnog and powdered sugar until stiff peaks form.

Pipe the whipped cream onto the cheesecake, sprinkle with nutmeg and optional pearl sprinkles, and serve.