Line an 8×8 pan with parchment & lightly spray with oil.
In a large, microwave-safe bowl, combine the white chocolate chips & sweetened condensed milk.
Microwave on 50% power for 1 minute.
Remove & stir.
If it is not thoroughly melted, return to the microwave for 30-45 seconds longer.
Once the mixture is completely melted, separate out a portion of the mixture into another bowl.
Stir the food coloring into the majority of the fudge to make it blue.
Add in extract & then spread into an even layer in the prepared pan.
Drizzle the remaining white portion over the top of the blue & use a skewer or toothpick to drag it through & swirl the colors.
Top with the sparkling sugar, white sugar pearls & snowflake sprinkles.
Be sure to press them lightly into the top so they will solidify into the fudge.
Refrigerate until solid – approx 1 hour before cutting.
Use the parchment to lift out of the pan & cut to your desired size.