Preheat the oven to 200°F (93°C) and line a baking sheet with parchment paper.
Whisk together the eggs, heavy cream, sugar, vanilla extract, cinnamon, salt and nutmeg in a wide shallow baking dish until combined, about 30 seconds.
Pour the Cinnamon Toast Crunch cereal into a large freezer bag. Squeeze out excess air and seal it shut.
Use a rolling pin to crush the cereal until it resembles crushed crackers. The texture will be a combination of coarse and finer bits.
Transfer the crushed cereal to another wide, shallow baking dish. This serves as the second element in your dredging station.
Take two slices of bread and place them in the custard to coat. Flip the bread over to coat the other side. Soak the bread in the custard for no more than 15 seconds per side to avoid making it soggy.
Transfer the two pieces of bread to the dish with the crushed cereal and coat both sides evenly.
Heat a nonstick skillet, griddle, or enameled cast-iron skillet over medium-low heat. Add 2 tablespoons of butter and cook until melted and slightly bubbly.
Cook 2-3 pieces of French toast until golden brown, 2 to 4 minutes per side.
Transfer the cooked French toast to the parchment-lined baking sheet and keep warm in the oven while cooking the rest.
Continue with the remaining bread, adding another tablespoon of butter to the skillet before cooking each slice, allowing the butter to melt before adding the bread to the pan.