In a large mixing bowl, whip the heavy cream with an electric mixer on medium-high speed until stiff peaks form, about 3-5 minutes.

In another bowl, combine the sweetened condensed milk and vanilla extract. Gently fold the whipped cream into the condensed milk mixture until well combined.

Divide the mixture evenly into three separate bowls. Add blue food coloring to one bowl, pink to the second, and purple to the third. Stir each until the colors are well incorporated.

In a freezer-safe container, layer the colored mixtures by spooning them in alternating layers. Use a knife or skewer to swirl the colors together for a marbled effect.

If desired, sprinkle the top with sprinkles. Cover the container with a lid or plastic wrap.

Freeze for at least 6 hours or until solid.