Start by creating some "thin frame" shapes using custom shape tool.



Select and merge all the shape layers. From filter menu select "Liquify". Select pucker tool and distort the shape as shown in the images below.



Double click the layer to open layer style window. Apply settings as shown.







From layer menu select layer style>>create layers. Select and merge all the resulting layers. Duplicate the layer and change the layer mode to "Linear Light".



Duplicate the layer again. Move it on to corner and change the layer mode to "Luminosity".



Similarly duplicate the layer several times and place on every corner.



Flatten the image. Duplicate the layer. From "Filter" menu select "Blur>>Gaussian Blur ". Apply settings as shown.



Change the layer mode to "Linear Light". 



Now is the result of your hard work! It isn't so hard now is it?