Very easy effect to achieve.
What mine looks like.
1. Create new document. Any size. Preferably square dimensions.
2. Set your Foreground color to #c90202 nd Background color to #000000.
3. Go to Filter>Render>Clouds. Then “CTRL = F” 3 times. Then do Filter>Render>Difference Clouds and “CTRL = F” 3 times.
This is what you should have so far.
4. Do Image>Adjustments>Levels and use these settings.
5.Final Step. Go to Filter>Artistic>Plastic Wrap and apply these settings.
Thanks for reading