A creature you can see within range must make a Wisdom saving throw.   On a fail, they feel the crushing weight of failure and despairs until the spell ends.
While despairing, the creature takes 3 psychic damage per turn, is vulnerable to psychic damage(no matter its immunities or resistances), and has disadvantage on ability checks, saving throws, spellcasting, and attack rolls.
You can end the spell early with a thought.   Ascended Spell. This spell costs 3 Spell slots to cast. All of them 1st-level.