Preheat your oven to 350°F (175°C). Grease three 8-inch round cake pans with butter and dust with flour.

In a large bowl, mix together flour, sugar, baking powder, and salt until well-combined.

Add softened butter, milk, vanilla extract, and cotton candy extract to the dry ingredients. Beat on medium speed until creamy.

Incorporate eggs one at a time, mixing well after each addition until mixture is smooth and glossy.

Divide the batter into prepared pans and bake for 25-30 minutes, or until a toothpick comes out clean.

Cool in pans for 10 minutes then transfer to wire racks to cool completely.

Beat softened butter until fluffy, then gradually add powdered sugar, heavy cream, and vanilla extract.

Divide frosting into two bowls and tint one pink and the other blue with gel food coloring.

Layer the cake with pink frosting, followed by another layer, then blue frosting, and repeat until completed.

Decorate with cotton candy and optional sprinkles before serving.