We have been investigating a PS4/Xbox One issue that is blocking player progress in the game.
— Bloodstained: RotN (@SwordOrWhip) June 19, 2019
We apologize for this bug and thank you for your patience while we investigated. The issue occurs when a new game is started before downloading the 1.02 update.
Basically, if you start a New Game before downloading the 1.02 update, and then update to that version during your playthrough, you may be screwed.
If you start a New Game before downloading the 1.02 update, and then don't update to that version during your playthrough, you're fine.
If you start a New Game after downloading the 1.02 update, you're fine.
I think I'm screwed then. 10 hours in, but I haven't gotten to the treasure chest that people say will be opened. It's the key item (Silver Bromide) necessary for taking a photograph.
I don't understand why they can't just make that chest respawn if it's already opened and the players doesn't have the item/hasn't passed the quest. Or sell the key item in a shop at that point.
I don't know if I should just start over now, or continue till I get there. Because it sounds like they gave up on the idea of fixing it.
~Update~
The problem is seemingly not guaranteed to affect everyone.
I managed to get the Silver Bromide item, and took the photograph.