The Elder Scrolls Online does not require a CD key on PS4 & Xbox One
Bethesda has been in touch to state that the disc version of The Elder Scrolls Online: Tamriel Unlimited will not require a CD key. It only requires the disc for verification.
“The physical console version of The Elder Scrolls Online: Tamriel Unlimited does not require a one-time game code, as with any other boxed PS4 / Xbox One game only the game disc is needed for verification. Any previous statements counter to this were incorrect.”
The Elder Scrolls Online: Tamriel Unlimited is out June 9 on PlayStation 4 and Xbox One. The MMO will not have a subscription fee, but you will need to buy it.