Preheat oven to 350°F (175°C). Grease and flour two 8- or 9-inch cake pans and line the bottoms with parchment if you like for easy removal.
In a medium bowl, whisk together flour, baking powder, and salt until evenly combined.
In a large mixing bowl, beat softened butter and sugar on medium-high speed until light and fluffy, about 3–5 minutes. Scrape down the bowl once.
Add egg whites one at a time, mixing well after each addition. Stir in vanilla extract and cotton candy extract if using.
Alternately add the dry ingredients and milk to the butter mixture, beginning and ending with the dry ingredients. Mix just until combined; avoid overmixing.
Divide the batter evenly into two bowls. Add pink food coloring to one bowl and blue food coloring to the other, stirring until the colors are evenly mixed.
For a marbled effect, pour alternating spoonfuls of pink and blue batter into each prepared pan. Use a skewer or knife to swirl gently if you want a softer marble.
Bake for 25–30 minutes, or until a toothpick inserted into the center comes out clean or with just a few moist crumbs. Rotate pans halfway through baking for even browning.
Remove from oven and let cakes cool in the pans for 10 minutes, then turn out onto wire racks to cool completely before frosting.
Frost with cotton candy-flavored frosting and decorate with small tufts of cotton candy, colorful sprinkles, or edible glitter just before serving.
Notes
Store leftover frosted cake in an airtight container in the refrigerator for up to 4 days. Unfrosted layers freeze well for up to 3 months.