Step 1

Start with a new document with dark to light gradient ( this helps sell the effect in the end result )

Step 2

Then create the text you want, placing it in the center of the document, ideally right where the gradient is in the middle of its transition.

Step 3

Then we want to rasterize that type layer and duplicate it twoice. Do this by right-clicking the layer in the layers window and select “Rasterize Type”. Duplicate by menu -> Layer -> Duplicate layer ( do this 2 times )

Step 4

Lock copy2 and fill it black ( shift + f5 ) Then unlock it, and goto menu Filter -> Blur -> Gaussian Blur Blur this layer by 4 pixels.

Step 5

With the copy2 layer still selected goto menu Edit -> Transform -> Perspective While holding Shift, drag the top left box outward about 10-12 pixels. Press enter to commit the change. Hold control and Press T to bring up the transformation again. This time hold shift and drag the top center box downward, alittle more than half the size of our text. Press enter to commit the change.

Step 6

Drag your copy2 layer behind all other layers ( aside from the background ). and select your copy layer ( the white one ) Ctrl + T, to transform it downward like this: Press enter to commit it. using the layer mask mode or the eraser tool, erase the bottom half of the copy layer, and set its opacity to around 40%.

Step 7 ( Complete! )

You could optionally create a light gray gradient on your main text layer to give it alittle more depth, as well as add a radial gradient behind all of the text to bring it out as well.

Click here to download the PSD