To be honest, both pieces, included the second version there need serious work.
They should be scaled down to something smaller, so the eye won't be so overwhelmed by the effects. The detail comes out stronger this way, trust me.
The first tag..has too many scattered and unconnected, choppy, and a questionable combination of effects.
I can see what you were getting at there in concept, but you'd need something branching out of him in order to create some sense of flow to all of it. Rather than it just being, boom - light, boom - text, boom - KH render, boom - random distorted shit in the center. There's nothing in that tag that syncs together to give it unity.
That "T" needs to be scaled down a bit, and should be brought to the right side, underneath that KeyBlade Master - text you have going on. Having it on the left side is pointless, and looks as if you just used it as a filler for the lack of anything on the left side.
The second tag, with both versions..look choppy, saturated, and monotone.
Even though the first version has more life to it, I'd suggest playing with Curves and Levels to bring in more contrast to help balance all of those smudges and distortions going on back there. Get rid of that border too. If anything, transparent borders usually ruin tags, IMO.
2nd tag looks like it could be decent.
But in no way, shape, or form..do either of these deserve the title of 'epic.'