The specific production steps are as follows:
Step 1:
Create a new PSD document and enter the desired text. The Impact font is used here. You can define the size of the canvas and font according to your own preferences. Name the text layer Paper Text 1.
Step 2:
Duplicate the paper text 1 layer and name it paper text 2. Return to the paper text 1 layer, add a shadow to it, and set the parameters as follows:
Hide the paper text 1 layer, click on the paper text 2 layer, right-click, and convert the text to a shape.
Step 3:
Use the path selection tool to select all letter shapes, click the Merge Shape component (CS6 version, click the Merge button for other versions) to merge all shapes. Duplicate the Paper Text 2 layer and name it Paper Text 3.
Step 4:
Next to create the torn paper effect, you need to download these torn paper shapes. After installation, first use the path selection tool to select all text shapes in the text 2 layer, then select the custom shape tool, right-click on the canvas, and select the appropriate shape in the pop-up menu.
Set the path operation to "Intersect with shape area", so that the area where the drawn custom shape intersects with the text shape will be retained, and other areas will be hidden.
Step 5:
Add a gradient overlay layer style to the paper text layer 2, and set the parameters as shown below:
Then add a shadow to it.
Step 6:
Use the backup paper text 3 layer and use the same method to add a tearing effect to it.
Duplicate another layer and name it shadow layer. Place the shadow layer below the text layer 3. Add a gradient overlay to the shadow layer.
Rasterize the shadow layer and perform Filter>Blur>Gaussian Blur.
Similarly add a gradient overlay to the paper text layer 3, press Ctrl T, right-click and select Transform, and adjust the angle.
Duplicate the Text 3 layer, name it Color Layer, set its fill to 0, and add a Gradient Overlay layer style to it.
Step 7:
Use the same method to create a torn paper effect on the upper part of the letters.