First obvious step is to get the gif that you're gonna have the cool text thingy on. this is the gif that I'm gonna use to demonstrate with! it's from 8x13 of cm, magnum opus, and I also went ahead and added my desired colourings etc which i recommend doing before doing the text effect because it'll be easier

This is the fun part; you have to find a font and copy/duplicate the first text layer two (2) times so there's three (3) layers, though it is optional to do it two times? you can just do it once so you have two (2) layers in total but I'm adding a border on mine so it's three (3) !

After you have your layers duplicated, you set the first ( or the original layer for better words ) on either exclusion or difference but it's really up to you or how good you think it is based on the gif(s). then you have to set the second layer into overlay, it won't show the effect if both layers are just plain black or white, so you have to change the colours

*here are the steps but made into gifs for visual learners

and this is the gif after doing all the steps + some changes i made along the way of editing it a little bit further

that's really all it is if you just wanna do that effect but for bonus with the border since i am biased and love the border, we're gonna pay attention to the third layer!

on the third layer, you're gonna have to add a border and set the fill to 0%! I like my border thickness to be a nice 1% but anything is fine ^__^ and because i really really like the effect, i do this thing with the border layer and move it around with the arrow keys until i feel satisfied with it!!!

*gif to demonstrate because i don't think i worded it right

and this is the final product which is kinda cool ^___^ !!!!