Final image :

Procedure :

1.)Open a new document square sized minimun 550 pixels both width and height, and create a new layer and fill the layer with white.

2.)Use, Filter menu > stylize> extrude and enter as following : type- blocks, size- 100 pixels, Depth-2 level based and click ok.

3.)Since the spacings are not perfect throughout the image, lets cut three squares together using rectangle marquee tool and select, layer via copy in layer menu and hide the original image.

4.)Select the copied layer and make two more copies using, (CTRL+J).

5.)Now merge the three similar layers to get one side od a cube and name the layer- side1.

6.)Create another copy of this merged layer and name it as -side2.

7.) Select the side1 layer, and first, position it .Second, scale it using Transform tool. Third, Use Transform tool and right click and select perspective.

8.)Click the anchor point at the top right corner and drag towards right.

9.)Select, side2 layer, first position it,then scale it and use perspective but in opposite direction. You get something like this :

10.)Now, create anew layer, and select marquee tool and draw rectangle( any size, we can adjust later).

11.)Fill the rectangle with yellow (#d6cb0f) and name the layer-yellow.

12.)Use transform tool to first position on the side1 and scale it to fit the size and use perspective to fit in the angle. Select mode:multiply in layer box.

13.) Similarly,create another layer and name it red and fill with red(#bd0c06) and follow same steps to position on side 2. Select mode : multiply in layer box.

14.)Select layer-yellow and use, Filter > Filter gallery > Artistic > Plastic wrap and make necessary adjustments.

15.)Select layer red, and select the above option. You get something like this.

You can stop with this or make it more interesting as follows:

Hide the layers-yellow and red if you want.

16.) Open an image file, in this example, a mermaid and move it in this document. Scale the image in a square shape eg. width 500px.  and height 500px.

17.) Use rectangle marquee tool and use fixed size option and enter width-250 and height 500 and select the mermaid image and select layer via copy. The first half of image is saved in a new layer.

18.) Now repeat the above step for the second half of image.

19.) Now you have two halfs of mermaid image in two layers. Now position them on cube, side1 and side2, in similar way you did for layers-yellow and red and use perspective option.

20.) Merge both the halfs into one layer and name it as mermaid. Use the mode as- linear burn in layer box.

You get something like this:

You can leave it like this to have a cube look or do the following to have a special effect.

21.) Make the layers - Yellow and red visible. You get the final image as shown above in the first line.

The above is only basic. You can have extra effects by adding many options like light, filter options etc.