diff --git a/theatre/studio/src/panels/OutlinePanel/ObjectsList/NamespacedObjects.tsx b/theatre/studio/src/panels/OutlinePanel/ObjectsList/NamespacedObjects.tsx
new file mode 100644
index 0000000..4cf1780
--- /dev/null
+++ b/theatre/studio/src/panels/OutlinePanel/ObjectsList/NamespacedObjects.tsx
@@ -0,0 +1,49 @@
+import type SheetObject from '@theatre/core/sheetObjects/SheetObject'
+import {getObjectNamespacePath} from './getObjectNamespacePath'
+
+/** See {@link addToNamespace} for adding to the namespace, easily. */
+export type NamespacedObjects = Map<
+  string,
+  {
+    object?: SheetObject
+    nested?: NamespacedObjects
+  }
+>
+
+export function addToNamespace(
+  mutObjects: NamespacedObjects,
+  object: SheetObject,
+) {
+  _addToNamespace(mutObjects, getObjectNamespacePath(object), object)
+}
+function _addToNamespace(
+  mutObjects: NamespacedObjects,
+  path: string[],
+  object: SheetObject,
+) {
+  console.assert(path.length > 0, 'expecting path to not be empty')
+  const [next, ...rest] = path
+  let existing = mutObjects.get(next)
+  if (!existing) {
+    existing = {
+      nested: undefined,
+      object: undefined,
+    }
+    mutObjects.set(next, existing)
+  }
+
+  if (rest.length === 0) {
+    console.assert(
+      !existing.object,
+      'expect not to have existing object with same name',
+      {existing, object},
+    )
+    existing.object = object
+  } else {
+    if (!existing.nested) {
+      existing.nested = new Map()
+    }
+
+    _addToNamespace(existing.nested, rest, object)
+  }
+}
diff --git a/theatre/studio/src/panels/OutlinePanel/ObjectsList/ObjectItem.tsx b/theatre/studio/src/panels/OutlinePanel/ObjectsList/ObjectItem.tsx
index a7823fd..fc6d337 100644
--- a/theatre/studio/src/panels/OutlinePanel/ObjectsList/ObjectItem.tsx
+++ b/theatre/studio/src/panels/OutlinePanel/ObjectsList/ObjectItem.tsx
@@ -5,10 +5,11 @@ import BaseItem from '@theatre/studio/panels/OutlinePanel/BaseItem'
 import {usePrism} from '@theatre/react'
 import {getOutlineSelection} from '@theatre/studio/selectors'
 
-export const ObjectItem: React.FC<{
+export const ObjectItem: React.VFC<{
   sheetObject: SheetObject
   depth: number
-}> = ({sheetObject, depth}) => {
+  overrideLabel?: string
+}> = ({sheetObject, depth, overrideLabel}) => {
   const select = () => {
     getStudio()!.transaction(({stateEditors}) => {
       stateEditors.studio.historic.panels.outline.selection.set([sheetObject])
@@ -20,7 +21,7 @@ export const ObjectItem: React.FC<{
   return (
     <BaseItem
       select={select}
-      label={sheetObject.address.objectKey}
+      label={overrideLabel ?? sheetObject.address.objectKey}
       depth={depth}
       selectionStatus={
         selection.includes(sheetObject) ? 'selected' : 'not-selected'
diff --git a/theatre/studio/src/panels/OutlinePanel/ObjectsList/ObjectsList.tsx b/theatre/studio/src/panels/OutlinePanel/ObjectsList/ObjectsList.tsx
index 092a506..037e08f 100644
--- a/theatre/studio/src/panels/OutlinePanel/ObjectsList/ObjectsList.tsx
+++ b/theatre/studio/src/panels/OutlinePanel/ObjectsList/ObjectsList.tsx
@@ -4,6 +4,10 @@ import {val} from '@theatre/dataverse'
 import React from 'react'
 import styled from 'styled-components'
 import {ObjectItem} from './ObjectItem'
+import type SheetObject from '@theatre/core/sheetObjects/SheetObject'
+import BaseItem from '@theatre/studio/panels/OutlinePanel/BaseItem'
+import type {NamespacedObjects} from './NamespacedObjects'
+import {addToNamespace} from './NamespacedObjects'
 
 export const Li = styled.li<{isSelected: boolean}>`
   color: ${(props) => (props.isSelected ? 'white' : 'hsl(1, 1%, 80%)')};
@@ -14,25 +18,61 @@ const ObjectsList: React.FC<{
   sheet: Sheet
 }> = ({sheet, depth}) => {
   return usePrism(() => {
-    const objects = val(sheet.objectsP)
-    const objectsEntries = Object.entries(objects)
-
-    return (
-      <>
-        {objectsEntries
-          .sort(([pathA], [pathB]) => (pathA > pathB ? 1 : -1))
-          .map(([objectPath, object]) => {
-            return (
-              <ObjectItem
-                depth={depth}
-                key={'objectPath(' + objectPath + ')'}
-                sheetObject={object!}
-              />
-            )
-          })}
-      </>
+    const objectsMap = val(sheet.objectsP)
+    const objects = Object.values(objectsMap).filter(
+      (a): a is SheetObject => a != null,
     )
+
+    const rootObject: NamespacedObjects = new Map()
+    objects.forEach((object) => {
+      addToNamespace(rootObject, object)
+    })
+
+    return <NamespaceTree namespace={rootObject} visualIndentation={depth} />
   }, [sheet, depth])
 }
 
+function NamespaceTree(props: {
+  namespace: NamespacedObjects
+  visualIndentation: number
+}) {
+  return (
+    <>
+      {[...props.namespace.entries()].map(([label, {object, nested}]) => {
+        const children = (
+          <>
+            {object && (
+              <ObjectItem
+                depth={props.visualIndentation}
+                key={'objectPath(' + object.address.objectKey + ')'}
+                // object entries should not allow this to be undefined
+                sheetObject={object}
+                overrideLabel={label}
+              />
+            )}
+            {nested && (
+              <NamespaceTree
+                namespace={nested}
+                visualIndentation={props.visualIndentation + 1}
+              />
+            )}
+          </>
+        )
+
+        return nested ? (
+          <BaseItem
+            selectionStatus="not-selectable"
+            label={label}
+            depth={props.visualIndentation}
+            children={children}
+          />
+        ) : (
+          // if we don't have any nested items, just render the children with no wrapper, here.
+          children
+        )
+      })}
+    </>
+  )
+}
+
 export default ObjectsList
diff --git a/theatre/studio/src/panels/OutlinePanel/ObjectsList/getObjectNamespacePath.tsx b/theatre/studio/src/panels/OutlinePanel/ObjectsList/getObjectNamespacePath.tsx
new file mode 100644
index 0000000..a823af3
--- /dev/null
+++ b/theatre/studio/src/panels/OutlinePanel/ObjectsList/getObjectNamespacePath.tsx
@@ -0,0 +1,19 @@
+import type SheetObject from '@theatre/core/sheetObjects/SheetObject'
+
+export function getObjectNamespacePath(object: SheetObject): string[] {
+  let existing = OBJECT_SPLITS_MEMO.get(object)
+  if (!existing) {
+    existing = object.address.objectKey.split(
+      RE_SPLIT_BY_SLASH_WITHOUT_WHITESPACE,
+    )
+    console.assert(existing.length > 0, 'expected not empty')
+    OBJECT_SPLITS_MEMO.set(object, existing)
+  }
+  return existing
+}
+/**
+ * Relying on the fact we try to "sanitize paths" earlier.
+ * Go look for `sanifySlashedPath` in a `utils/slashedPaths.ts`.
+ */
+const RE_SPLIT_BY_SLASH_WITHOUT_WHITESPACE = /\s*\/\s*/g
+const OBJECT_SPLITS_MEMO = new WeakMap<SheetObject, string[]>()