Combine all of the ingredients in a blender and blend until smooth (you don't want big lumps of Nutella).
Chill the mixture until it's 45° F or cooler. You can use an ice bath to expedite this process.
Churn in the ice cream machine according to the manufacturer's instructions. Eat right away as soft serve or transfer to an airtight container and freeze for at least 4 to 5 additional hours, until hard enough to scoop.