Chrome effect is made by selecting the shape, creating a alpha channel, blurring it and then using lighting effects with the channel selected to give it it's depth. Shape on the right is made with some bevel and emboss.
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i combined and rearranged the shapes a few different ways..the cracks on it were made with regular brush tools with pillow emboss
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Used shape tool to create triangle for tenticle
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used distort>shear. changed settings everytime i created a new one
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Created more tenticles and gave them a yellow color
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used inner glow with black to create depth
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added a little noise
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used dodge tool to add some highlights
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i used a light blue brush with low opacity to give a little more highlights
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Used this tutorial for the fireball:
http://www.digitalartsonline.co.uk/tutorials/index.cfm?featureID=1740