step 1 of 2
2.set desired font, font color,font size,type desired wordings.
3.Rasterize layer->Layer style -> Bevel and emboss-> pillow emboss.
To set back ground:
4.make copy of text layer.
4.1.apply filter->distort
->wave.
wave specifications:
type:sine
No: of generators: 208
Wave length:
Min - 119 , Max- 120
Amplitude:
Min - 114 , Max - 331
Scale:
Horizontal - 52.
Vertical - 72.
Undefined areas :
Wrap around .

step 2 of 2
->transform to desired size
->place at desired places.
2.spherize the centre most text

Final result

