1. Begin with a new file, with a black background and the size doesn’t matter. I choose 400×150 for this tutorial. Now take the Text Tool and type in your text.
2. Now right click on your text layer and chose Blending Options. Click on Bevel and Emboss. Leave the settings on the default ones. Then click on Color Overlay. Change the color to #878787
3. Now go back to the Background. Then create a new layer.
4. Then right click on the text layer and choose Rasterize Layer.
5. Now merge the layers, press Ctrl+E.
6. Go to Image>Adjustments>Curves and try to do something like the image below.
Now should it look something like this.
7. The last thing to do is to right click and choose Blending Options, then apply this settings.
That’s it you are done! This is what I came up with.