[Clay Stearns]

Not sure it’s an effect so much as just clever use of many layers. 3D text faked by duping the text layer back in z-space, parented to the top text layer, and set on a wiggle. When the text seems to skew out it’s because one or more of those layers are being animated outward and stretched at lowered opacity. Then there are a bunch of textures wiggling around. That’s what I can tell, but I’m probably missing something.