Photoshop Text Effects
There are many different effects you can use with your text in Photoshop. Distorting the text is one of those. Of course there are many different ways you can distort your text. In this tutorial, we will be making a simple one using a rare method that gives you the ability to change the distortion (even after applied) in case you want to make further adjustments. We will be using Smart Objects and the Liquify panel.
Open Photoshop and make a new file at any size you want using black as the background content color. In this case, I will setup mine at 1080 x 1080 px.
Select the Horizontal Type Tool (T) and type your text using any font and any color you want. I will be using "Rift" at 45 pt with the color set to #b6b6b6.
With the text layer selected, go to Type > Convert to Shape.
Pick the Direct Selection Tool (A) and select all the bottom anchor points as shown.
While holding Shift on your keyboard, drag the anchor points to the bottom of your artboard.
Next, go to Layer > Smart Objects > Convert to Smart Object.
Go to Filter > Liquify. in the Brush Tool Options, set any brush size you feel comfortable to work with, but be sure to set the Density to 80 and the Pressure to about 60.
Now simply click and drag from left to right and right to left over the modified text to get a similar distortion as the one shown here. Click OK in the Liquify window.
Go to Layer > New > Layer. Name this layer as "Shadows", be sure to check the "Use Previous Layer to Create Clipping Mask" option and click OK.
Select the Brush Tool (B) and using a soft round brush with a black color, paint over the distorted parts of the text as shown.
Lastly, to finish the effect and to soften the shadows, go to Filter > Blur > Gaussian Blur. Set the Radius to 10 px and click OK.
If you later want to change the distortion effect, expand the text layer effects by clicking on the arow next to the layer's name. Double-click on the "Liquify" Smart filter, make your changes and click OK in the Liquify window to apply those changes.