: Adjust the angle and altitude in the Bevel and Emboss settings to match the ambient lighting of your background image.
: Add an Inner Shadow via Layer Styles. Adjust the distance and choke to simulate the top edge of the "cut". Apply Bevel and Emboss : Set the Style to Inner Bevel .
The file appears to be a specific project archive, likely for Adobe Photoshop , related to creating advanced "deep" or carved text effects . These effects are used to make text appear physically embedded into a surface, such as stone, wood, or metal.
: Choose a background with a strong texture, like stone or wood, to make the "depth" more believable.