Not only can we simply create a folded paper effect, dimension can be added to the folded paper with a few extra steps using the blended edge and shape cutter. Video Notes: 1. Basic folded edge (click to review this video): Add a paper of your choice to your page, and with it selected, go to the cut ribbon > straight cutter > straight edge. Angle the cutter using the rotation handle on the cutter or by setting an angle in the operations panel so that you'll be cutting a triangle from the square of paper. When cutter is positioned where you want it, choose 'keep both areas' and cut. Select the triangular piece of paper you have cut:

On the elements panel, move this triangle above the remaining piece of paper
Change the color of the triangle by going to the color ribbon > brightness > decrease or increase so that the triangle looks different from the original paper
Rotate the triangle 180 degrees so that the long edge of the triangle is lined up with the cut edge of the remaining paper
Flatten the rotated triangle (only this section) to reset the top of the element (select triangle only > right click > flatten)

Add simple dimension: There are three parts needed to create this illusion:

the remaining piece of the original paper
the triangular piece cut from the original paper
the blend cut (the magic piece!)

2. Making the Blend Cut: Starting with the flattened rotated triangle (folded edge) selected:

Cut ribbon > straight > blended edge
Rotate the blended edge so that the shaded area is covering the folded edge and paper
Align the outer limit of the blend cutter with the long edge of the triangle and adjust the depth of the blend
Choose to keep the unshaded area > copy

Without moving anything, select the copied blend cut on the elements panel:

Color ribbon > brightness > darken

Select the triangular section (folded edge) and add a shadow to it. Added Dimension: Curved Edges and Custom Shadows 3. Making Curved Edges: Starting with the basic folded edge (step 1 above) completed, select the flattened rotated triangle (folded edge):

Cut ribbon > shapes > ellipse (Be sure to choose 'shapes' from the Cutters section rather than 'shape' from the Selection section of the Cut ribbon!)
Adjust the shape of the ellipse to make it long and narrow so that it is a gently curved shape
Position the elongated ellipse along the top edge of the flattened triangle, keep the unshaded area (if your ellipse is the shaded area) and select Cut.
Repeat previous steps on the right side of the flattened triangle so that the two short sides of the triangle have curved edges.
Now make the 'magic' blend cut as described in step 2 above.

4. Adding Custom Shadows Select the flattened triangle (the folded edge):

Format ribbon > Shadow > Custom
Select a light shadow in the direction desired.

Video Tidbit: Folded Edges - Adding Dimension