It appears Naughty Dog is working on a live service game with cosmetics and more.
"The Last of Us developer Naughty Dog is hiring an "economy designer" to help the team with a multiplayer game that includes live operations and player progression.
The job ad states that the successful candidate will help Naughty Dog "create avenues for self-expression for our players, ensure robust longevity to our games, and give our players great rewards to strive for." This all sounds like Naughty Dog is working on a new multiplayer game with cosmetics that players can unlock to personalize their characters.
None of this would be a surprise, as Naughty Dog confirmed more than a year ago that it's working on a standalone Last of Us multiplayer game. However, Naughty Dog has kept very quiet about this in recent months. Many studios are now adopting and embracing live services for their new games, so it would be no shock to see Naughty Dog follow suit in some capacity."