I like this concept, but I think the damage output will scale too quickly.
If the damage scales up by 3 each for all permanents in play, then you can easily build a deck around this card (say a couple of each pendulum type and an air mark) that would output massive damage in only a handful of turns.
(If you throw in a mirror shield, you can even bounce it off your own shield to bypass any mirror shield they might have since it is targetable)
At that rate, it is easy to get the damage output up to 15+ in only a couple of rounds.
Its a cool idea, but I think it will be a bit OP right now.
Either the scaling on the damage needs to come down, or there needs to be a counterbalance somehow...