Prepare the cream cheese: Remove cream cheese from refrigerator 30-35 minutes before starting to bring to room temperature.

Cut the Velveeta: Cut half a block of Velveeta cheese into small 1-inch cubes for easier processing.

Chop the walnuts: Finely chop 1/2 cup of walnuts until they reach a crumb-like consistency. Mix with 1 1/2 tablespoons dried parsley and set aside.

Process the cream cheese: Add room temperature cream cheese to food processor and blend until smooth.

Add mayonnaise: Add 1 teaspoon mayonnaise to the cream cheese and process briefly to combine.

Incorporate Velveeta: Gradually add the small Velveeta cubes while processing on low speed until completely smooth and combined.

Add seasonings: Mix in the asiago cheese, 1/2 teaspoon dried parsley, and 1/4 teaspoon garlic powder. Process until well combined.

Shape the cheese ball: Lay out plastic wrap and sprinkle some of the walnut-parsley mixture in the center. Spoon the cheese mixture onto the nuts.

Roll and coat: Gather the plastic wrap around the cheese mixture and shape into a ball. Roll the ball in the remaining walnut-parsley mixture, pressing gently to adhere.

Chill: Wrap tightly in plastic wrap and refrigerate for 24 hours (minimum 2 hours) to firm up.

Serve: Transfer to serving platter and surround with crackers.