Plate 3, most likely made with basic shape cutting in illustrator and possibly with layer mask in photoshop, greatly eye-cathing but also simple!
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The Mathematics of Ambigrams
Ambigrams are words that read in more than one way — like WOW, which is MOM upside down. Only a few words are natural ambigrams, but if you stretch the letter shapes, almost any word can become an ambigram.