Melt butter, chocolate chips, and Nutella together. Microwave at 30-second increments, stirring between, until smooth. Stir in vanilla extract.
In a large bowl, pour Nutella mixture over the popped popcorn and mix to coat. Shake in confectioners' sugar and mix to coat again.
Transfer popcorn to smaller bowls to put out for a party (top with a sprinkling of gold sugar or festive sprinkles to get it super swanky, Oscars party fancy), or scoop into small cellophane bags (and tie closed with a ribbon because you’re a chic host like that) to send your guests home with something sweet.