Preheat oven to 350 degrees. Line an 8x8 baking dish with aluminum foil, making sure the edges hang over on the sides.
In a medium bowl, stir together the graham cracker crumbs and melted butter.
Press crust into the bottom of the lined baking dish. Bake for 10 minutes. Set aside to cool.
In the bowl of a stand mixer, beat together cream cheese, egg, sugar, and vanilla extract until smooth and creamy, approximately 2 to 3 minutes.
Gently fold in 1/2 cup rainbow sprinkles. Spread the mixture over the crust.
Sprinkle the remaining 1/2 cup rainbow sprinkles over the top. Bake for 30 to 35 minutes, or until the edges are golden and the cheesecake is set in the center.
Chill for at least 3 hours before removing and cutting into squares.