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In the latest patch notes for the new FromSofrware game, the game's developers explained that the PC version currently have a number of performance issues on "the latest graphics cards".
FromSoftware did not confirm which specific graphics cards actually suffer from performance issues, although we'd assume the issue relates to Nvidia RTX 50-series cards and AMD Radeon 9000-series cards. However, there's no confirmation which specific cards have these issues.
If you have one of these "latest" GPUs, FromSoftware suggests turning down your graphics options or even lowering screen resolution. Obviously, this doesn't actually solve the core issue, but it should make the game smoother to play.
"We have confirmed that some PC configurations using the latest graphics cards may experience framerate drops," the developer said. "We are currently investigating the cause. In the meantime, If you experience significant framerate drops, you may be able to resolve it by setting the graphics settings from the default "High" to "Medium" or "Low" and lowering the screen resolution, as well as installing the latest drivers for your graphics card."
FromSoftware has confirmed that it will be supporting its new multiplayer spin-off for a while with new enemies, classes and more coming after launch. Hopefully, sometime very soon, the developer will also release a patch to make full use of the power of these GPUs.

Elden Ring Nightreign devs warn players on PC with the “latest graphics cards” may experience significant performance issues
FromSoftware warns players on PC that Elden Ring Nightreign has huge performance issues on the “latest” graphics cards.