Using the paddle attachment of your stand mixer, whip the butter on medium-high speed for 2 minutes, until it's soft and fluffy. Reduce the speed to low and gradually add the powdered sugar. Once all the sugar is incorporated, increase the speed back to medium-high, add the vanilla, and beat for another 2 minutes until the frosting is light and fluffy, scraping down the bowl as needed.
Divide the frosting into three bowls and color each with purple, yellow, and green gel food coloring individually. To create the swirled frosting effect, lay out a piece of plastic wrap or parchment paper. Spoon each colored frosting side-by-side onto it, then roll it into a log. Snip one end and insert it into a piping bag fitted with a 1M tip (like a Wilton 1M). Pipe the frosting onto the cooled cupcakes.