Revealed at The Game Awards, it's not yet known what this mysterious New Project is.
The item shown is, by the eagle eye of PCGamesN resident genius Jordan Forward, a bone attached to a torture screw which is constantly tightening. The font in trailer closely matches what's used in Bloodborne and the line "Shadows Die Twice" could be hinting towards a sequel.
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From Software, the developers of beloved and notoriously hard series Dark Souls and Bloodborne has teased an entirely new game simply entitled "New Project". While this is purely hypothetical, I'm sure many other fans thought the same thing initially. Now you can probably understand why a teaser trailer from the studio is being talked about. Its 30-second teaser has prompted the rumour mill to spin wildly, suggesting a new Souls game, or perhaps something different entirely. What's worth pointing out however is that the upload of the trailer on From Software's YouTube channel deems this as a "new project" so there's a good chance that it's something we aren't even familiar with. And if you think that's too obscure consider that the Dark Souls series started with Demon's Souls, which was a spiritual sequel to the little known King's Field series.