Warm the cream on the stove or in the microwave, just until it comes to a simmer.

Add the Nutella and let it sit for a minute, then whisk gently to combine. Keep mixing until the two are completely blended. Those little specks of Nutella will eventually melt into the cream and the mixture should look silky smooth. You can warm the mixture a little bit if you have trouble getting the Nutella to completely incorporate, but you shouldn't need to.

Stir in the vodka and mix completely. Then pour into a clean bottle.

Refrigerate. The liqueur will keep for 2-3 weeks in the refrigerator.