1. Take a new File of 400 pixels, 400 pixels, of resolution 72 dpi in the RGB mode.Fill it with the colour of your choice take the rectangular marquee tool and make selection and delete the area your image will be like this.
2. Make your image like this.
3. Goto Filter > Distort > polar coordinates and use the rectangular to polar.
4. Make a new layer and fill the gradient as shown in the image below.
5. Goto Filter > Distort > Wave and use the settings which are given in the image below.
6. Now again goto Filter > Distort > polar coordinates and use the rectangular to polar.
7. Use the Blending mode Darken.
8. Your image will be like this.
9. Write any text which you want to take.
10. Now use the blending options > Drop shadow of the given quantity.
11. Now use the blending options > Inner glow of the given quantity.
12. Now goto Filter > Render > Lens Flare and apply these settings.
13. Now press the Ctrl+U and apply the settings to the background.
14. Now again press the Ctrl+U and apply the settings to the Text layer.
15. Your image will be like this and make a selection as shown in the image given below.
16. Use the brush tool and apply it as given below.
17. Now change the mode to the Lighten.
18. Make the copy of the layer and change its mode to Pin light.
19. Your image will be like this.
