Add whipping cream and vanilla to a mixer and whisk on high speed until stiff peaks form, about 2-3 minutes. Add sweetened condensed milk and continue to whisk for one more minute, scraping down sides of the bowl halfway through the mixing.

Divide mixture into separate bowls. Use a larger bowl to make more blue ice cream and two smaller bowls for purple and green. Add food coloring to each bowl and mix well.

Place half of the blue into a loaf pan or casserole dish and spoon dollops of half of the green and purple. Add remaining blue and green and purple. Tamp the dish to remove air bubbles. Smooth the top with the back of a spoon.

Freeze for 4-6 hours or overnight.

Serve topped with mermaid sprinkles