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Step 1

Start by creating a new image 300 X 300 set the Background color to #e5e3de.

On the Materials palette, set your Background color to #fcfff8

On the Tools toolbar, select the Text Tool (T)

On the Tool Options palette, select any thin font style you like. This works on all of them! I'm using the following settings:

My font size is rather large for the purpose of this tutorial, so feel free to set it to any size that you like.

We're ready to begin.

Step 2

Click towards the center of the canvas where you would like to place your text. Enter your text in the Text Entry dialog box.

Layers > Convert to Raster Layer

This is what I have so far:

Layers > Duplicate

On the Layers palette, turn OFF the visibility for the Copy of Raster 1 layer and highlight the Raster 1 layer:

Effects > 3D Effects > Inner Bevel...>

Use the following settings:

Your image should now look similar to this:

Step 3

On the Layers palette, highlight and turn ON the visibility for the Copy of Raster 1 layer:

Effects > 3D Effects > Inner Bevel...>

Use the following settings (all were doing differently is changing the Angle from 270 to 0:

Your image should now look similar to this:

Now we apply the magic.

On the Layers palette, set the Blend Mode to Exclusion:

Layers > Merge > Merge Down

Your final image should look similar to this: