Start by lining an 8" x 8" baking pan with aluminum foil, extending it over the edges of the pan to cover completely. Butter the foil to prevent the fudge from sticking and set aside.
Put 1/2 cup of butter into a 2-3 quart microwave safe bowl, cooking uncovered on HIGH power for 45-60 seconds (or until the butter is melted).
Next, add the sugar and evaporated coconut milk, stirring well until combined.
Place back into the microwave and cook uncovered for eight minutes total, removing and stirring again every three minutes.
Once eight minutes is up, remove from microwave and add in the marshmallows, chocolate chips, and vanilla. Stir vigorously until well combined and both chocolate and marshmallows are completely incorporated.
Quickly pour mixture into prepared, foil lined pan, as it will begin to harden in the bowl otherwise! Place fudge into the fridge or freezer for 5-10 minutes to bring to room temperature before taking out and scoring, gently cutting into 1-2 inch squares.
When the fudge is firm (after about 1-2 hours in the fridge), use the foil to lift the fudge out of the pan, and move to a cutting board to fully cut the fudge into squares. Store in a Tupperware container or ziplock bag in the fridge for up to two weeks.