How to create this effect where text is hanging and rotating in the air.

I want to create this effect in FCP as shown in the youtube link given below

How can it be done?

I did a tutorial about creating swinging panels in Motion years ago. This is the same effect, but you'd set the panel itself at zero opacity, leave only the text visible.
www.macprovideo.com/article/motion/swing...s-in-apple-motion-5/

FCPXguru has the right technique. To get the letters (rows) to appear gradually you could use a combination of wipes, crops and dissolve key-framed to your taste.