This transparent text effect is made also with a text mask.
Add text with font and size that you want. Go to Elements > Shapes and search for the word rectangle. Make a rectangle shape with color white. Click on the Add Mask button from the top menu and choose the text as mask for the rectangle. Go to Layers and click on the Invert Mask button. Finally, set the Opacity of the rectangle layer to 70% to make text transparent. This effect is also called cut out text effect.
So, you will get a see through text like in the preview. Use any font you like to make transparent font like this. Another method to make transparent fonts is to either lower the Opacity, or to set the Opacity to 0% and add a Stroke outline.
The transparent text on image is useful as a watermark for pictures. If you don’t have to many images that you want to watermark, use MockoFun to convert image to watermark online free with text and graphics.
For Photoshop users: check out this free transparent text Photoshop action.