Corrupted has a negative connotation, like distracted. “The present”=latest new. You is figurative; the author does not literally mean a toy, but a new thing.
The sentece is usually used to express someone who is distracted by the latest thing, and quickly forgets about the last one, for example you have the latest cellphone, but as soon as the new one comes out you forget about the one you have and immidiately want the new one.
