Looks severe. Either a nasty sprain or possible break.
Depending on which country you're in it might pay to visit a doctor to have it checked out.
Otherwise tape it to your next toe, ice it regularly, and take some anti inflammatories for a week. Ibuprofen is good. A good tip is to put some gauze in between the two toes youre taping and then tape it tight.
Source: break my pinky toes often during sports
