As of Lightroom version 7.3, all presets are saved as .xmp files and are no longer saved as .ltrtemplate files within the Lightroom application. If you have not updated, you will not be able to use .xmp preset files. Unfortunately, there is no simple way to convert the files types, and there is no way to export .ltrtemplate preset files from the newly updated version.
Beginning with the 7.3 version of Adobe Lightroom Classic CC, Adobe changed the file type for Lightroom Preset files to .xmp. Anyone with the 7.3 version or later of Adobe Lightroom Classic CC will have their presets in this file type.
When you update to Lightroom Classic CC version 7.3 or later, it will auto-convert all your preset files to this type for you when the application opens for the first time. If you want to save your current preset stash as their .lrtemplate type, I recommend backing up your presets catalogue in the old .lrtemplate type before you update your application. That way, in case anything goes haywire, you still have them in their original type just in case (the updating process went smoothly for me, but it's better to be safe than sorry).
So, why did Adobe do this?
They did it so that the preset file types between Camera RAW, Photoshop, Lightroom Classic CC, Lightroom CC, and Lightroom CC Mobile would all be the same file type. It makes for greater flexibility in terms of being able to use the same preset between different photo editing applications in the Adobe suite.
If I have an older version of Lightroom Classic CC, can I use the .xmp files?
Unfortunately, there is no straightforward way to do this. The only way to easily use .xmp preset files is to update to Lightroom Classic CC version 7.3 or later. This is basically Adobe's way of forcing you to update the application. I called Adobe this morning and spoke with them for about an hour trying to see if there was any way to get .xmp files to work on the older version, and there is a work around which I have outlined below, but it is kiiiiiinda terribly annoying and tedious.
Are the preset files for sale on First We Eat .lrtemplate or .xmp?
They are .lrtemplate and .xmp, so you can install them on any version of Lightroom.
If I have .lrtemplate presets and want to install them on my Lightroom Classic CC version 7.3 or later, are they still compatible? Or do they have to be the .xmp file now?
Thankfully, you can install the old .lrtemplate preset files on the newer versions of the app (at least for now). Lightroom will just automatically convert them to .xmp files the next time you open the application.
The tedious work around to using .xmp files to create a .lrtemplate preset file in older versions of Lightroom (version 7.2 or earlier). (This work-around requires Adobe Photoshop Camera RAW)
Navigate to the folder /Library/Application Support/Adobe/CameraRaw/Settings on your computer (mac), or C:\Users\(Your user name)\AppData\Roaming\Adobe\CameraRaw\Settings(for pc).
Drag and drop the .xmp template file into the folder.
Open Adobe Photoshop Camera RAW.
Load a RAW photo file into the application. Apply the preset.
Import the same RAW file into Lightroom Classic CC (if it hasn't been previously imported). Select the file and open the 'Develop' tab.
From the menu bar at the top of the screen, select 'Photo', then 'Read Metadata from File', and confirm the warning that this will overwrite data already in the catalog.
Lightroom will now apply all the preset effects that you applied to the RAW file.
In the left side under the 'Presets' panel, plus the '+' to create a new user preset, select the settings to be included in it and give it a name (ideally the same name the .xmp file had, but without the .xmp extension of course).
Now the preset is stored in your catalogue as an .lrtemplate file. You will need to do this for every single preset you want to "convert". This is not efficient by any means, but it works if you're dead set against updating to the newest version of Adobe Lightroom Classic CC.
My Two Cents
Honestly, it's just worth updating the app than going through the above insane work-around for every new preset you want to use going forward. Moving forward, pretty much all presets available will eventually only be .xmp so it's better to just update now then wait another year and either A) give yourself a lot of hassle trying to covert these .xmp files one by one as you download them B) Not download any free presets or buy any new ones until you update.
Since in the updated Lightroom Classic CC you'll still be able to import old .lrtemplate preset files, as well as the new .xmp preset files, having the newer version of the app is going to give you the most options in terms of accessing different Lightroom preset file types. Plus, it gives you the added benefit of now being able to use your presets throughout Lightroom Classic CC, Lightroom CC desktop, Lightroom CC mobile, and Camera RAW/Photoshop.
Installing .xmp preset files on lightroom version 7.3 or later
— Navigate to Lightroom -> Preferences
— In the window that pops up, navigate to the 'Presets' tab.
— Make sure 'Store presets within this catalogue' is unchecked.
— Close the pop up window.
— Select the + next to the Presets tab on the lefthand side of Lightroom.
— Select ‘Import Presets’
— Select the .xmp files you want to import.
— They will now be imported into your catalogue. You may need to restart the application in order for them to appear.
Installing .ltrtemplate Preset files on lightroom version 7.2 or earlier
How to Import your awesome new presets into Lightroom
To import your presets, first make sure that they are unzipped if they have been downloaded as a zip file. To unzip them, simply double-click on the zip file and wait for a folder to appear in the same file location with the same name as the zip file. The preset files will be in that folder.
In the Lightroom menu at the top of the page, navigate to Lightroom -> Preferences.
In the 'Preferences' window that pops up, click on the 'Presets' tab in the upper left portion of the window.
Towards the center of the window, click on the 'Show Lightroom Presets Folder' button.
It will open a window with the 'Lightroom' folder selected. Look within the 'Lightroom' folder for the folder that says 'Develop Presets' and then click on it to select it.
Now open a new window (DO NOT CLOSE THE DEVELOP PRESETS WINDOW) and select your Downloads folder.
Then select the First We Eat Preset folders you want to install (you can select multiple folders at once).
Drag the selected First We Eat Preset folders and drop them into the 'Develop Presets' folder.
Close the windows and close the Lightroom application. Re-open it, and your presets will now be in Lightroom on the left-hand side of the Develop tab. Click on the small triangle to the left of the folder name to reveal the presets inside each folder.