You might have similar effects on the web as such effects becoming very trendy recently. Doubtlessly you didn’t know how these designs are done, do they use patterns? Textures? How many layers do they work with? No need to guess and wonder, because now you are going to:
Make a new canvas, we used here #373d40 for backgrounds. Using white color as your primarily color, and Baskerville Old font, type the word you want to render…
Once you are done, duplicate the layer and make it temporarily invisible (click on the eye in layers panel). Get back to the second layer copy, which you have on visible mode and go to Layer >> Layer Style >> Blending Options
Apply the following settings for Inner Shadow, Outer Glow, Satin and Stroke…
Pay attention to the contour you choose, it has to be Rounded Steps otherwise you will get a different result. This Countour comes pre-installed in All Recent Adobe Photoshop versions.
Finally apply a light outside stroke on the text, to give it a nice outlining. We did 2px but if your text is very big you may want to add a thicker line, or, on the contrary, if you are making a small logo, use 1 pixel outlining.
This is what you should get by now..