Historically, VMware provided a "paper" license key, which was a printable license key that customers could use to activate their ESXi hosts. However, this practice has been deprecated, and VMware now uses electronic licensing (E-License) instead.
, meaning you don't need a separate key to activate it after installation. Limitations : It is restricted to
: A license key unlocks the full range of features in ESXi 8, including advanced security, high availability, and resource management capabilities.