Melt the white chocolate chips in a microwave-safe bowl in 30-second intervals, stirring in between until smooth. Allow to cool slightly.
In a separate bowl, mix the softened cream cheese, vanilla extract, and powdered sugar until well combined.
Add the melted white chocolate to the cream cheese mixture and stir until fully incorporated.
Chill the mixture in the refrigerator for about 30 minutes until it is firm enough to handle.
Once chilled, use a small cookie scoop or your hands to form the mixture into small balls, about 1 inch in diameter.
Roll half of the truffles in crushed graham crackers, and the other half in red and blue sprinkles, or mini chocolate chips for a fun twist.
Place the truffles on a parchment-lined baking sheet and refrigerate for another 30 minutes to set.