In a large mixing bowl, whip the heavy cream using 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 fully combined.

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

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

If desired, sprinkle the top with sprinkles. Cover the container with plastic wrap or a lid and freeze for at least 4 hours or until firm.

Once frozen, scoop and serve the ice cream in bowls or cones.