I cut something in my virginal during masterbation with sharp tool and blood start to flow out... what are the effect later on?

These sorts of injuries typically heal quickly though you should still give it a couple of weeks and there should be no long term effects. If it continues you will need to be checked. Please don't use sharp tools down there.

If it stopped then keep areab clean and apply antibiotic ointment for 6-7 days and do not use any object in the area. If pain swelling or bleeding pl see your Gyn or ER asap. In future not a good idea to use anything sharp or unclean in the vagina. Hope you feel better