Line a cookie sheet or tray with parchment paper or a non-stick baking mat and set it aside.
When using fondant, use cornstarch as you would flour when making dough. Dust your work surface, hands, and tools.
Knead the blue fondant in your hands to make it soft and pliable. Dust the mermaid tail mold with cornstarch using a clean, dry paintbrush.
To make a mermaid tail, pinch off about 2 tablespoons of fondant and press it into the mold cavity. Leave for 3 minutes before carefully removing it from the mold. Set the tail on the prepared cookie sheet to dry in a cool, dry place (not the fridge) overnight or for 24 hours if possible. Repeat to make 18 tails total. TIP! Always make extra fondant decorations as backup!
When the mermaid tails have dried, spray the purple color mist on the fin of the tail, and use the gold color mist to lightly spray the rest of the tail. Leave to dry.
Preheat the oven to 350°F/180°C/Gas 4. Line cupcake pans with 18 cupcake liners and set them aside.
Using an electric standing or hand mixer, beat the cake mix, eggs, milk, and butter until combined and smooth. Stir in ½ cup of sprinkles until evenly distributed.
Use an ice cream scoop to divide the batter between the cupcake liners. Fill about ⅔ full.
Bake in the preheated oven for 20 minutes or until an inserted toothpick comes out clean.
Remove the cupcakes from the oven and leave to cool in the pan for 5 minutes before transferring to a wire rack to cool completely before decorating.
To make the frosting, use an electric stand or handheld mixer and add the butter, powdered sugar, cream, and vanilla to the bowl.
Beat on medium speed until creamy and smooth and stiff peaks form.
Fold in a few drops of sky blue food coloring. Mix until the coloring is well incorporated and you reach the desired shade.
TIP! Remember you can always add more coloring, but not take it away!
Scoop the frosting into the large piping bag fitted with an open star tip.
Pour the mermaid sprinkles into a bowl.
Pipe a thick ring of frosting on top of each cooked and cooled cupcake.
Dip the cupcakes into the sprinkles to coat the ring of frosting.
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Pipe a small swirl of frosting on top of the sprinkle layer. Add edible sugar pearls, if using, to this layer of frosting.
Insert a mermaid tail into each cupcake. Serve and enjoy!