In a mixing bowl, combine softened cream cheese and unsalted butter. Beat them together until you achieve a creamy, smooth consistency—this should take about 2 minutes.

Gradually incorporate confectioners' sugar and brown sugar into your creamy mixture. Mix well until the sugars dissolve, creating a thick, luscious base that’s full of flavor.

Gently fold in the pure vanilla extract, mini chocolate chips, and rainbow and silver sprinkles. Mix until the sprinkles are evenly distributed.

Using your hands, take small portions of the dough and roll them into balls, about 1 inch in diameter. Coat each ball with crushed Nilla wafers and pretzels.