Step one:

Start with a black canvas. Create a new layer-set called Space Jam.

In a new layer, draw a white round rectangle using the rounded rectangle tool with radius of 14px.

Rotate round rectangle to the left by a little.

Add the following layer styles: Inner Glow, Satin, Gradient Overlay.



Step two:

In a new layer, draw a black circle on the center piece.

Add the following layer styles: Outer Glow, Stroke.