Place the unopened can of sweetened condensed milk in a large pot and cover it completely with water (at least 2 cm above the can). Bring to a gentle simmer over low heat and simmer for 4–5 hours, keeping the can fully submerged; check periodically and add more boiling water if needed.
Turn off the heat and allow the pot and can to cool completely to room temperature before removing the can. Do not open the can while hot.
Open the cooled can, stir the caramelized condensed milk until smooth, and measure out 75 g of this caramel for the panna cotta. Reserve the remaining caramel for serving.
Soften the 5 g sheet gelatin by placing it in a bowl of cold water for about 5 minutes, then remove and gently squeeze out excess water.
Heat 300 ml heavy cream in a saucepan over medium-low heat until it is steaming and just below boiling (small bubbles at the edge); do not let it boil.
Remove the cream from the heat, add the softened gelatin sheets, and stir until the gelatin is completely dissolved.
Stir the measured 75 g caramel into the warm cream until smooth and fully combined.
Divide the mixture evenly between 3 glasses. Let cool to room temperature, then refrigerate for at least 3 hours, until set.
Just before serving, coarsely chop the 50 g toasted hazelnuts (or walnuts) and sprinkle them over each panna cotta. Drizzle with the reserved caramel and serve.