UPDATE: You CAN resell The Elder Scrolls Online on console. Zenimax changed its statement

UPDATE: The post (below) that originally stated that you needed a one time code on console has now been updated to state exactly the opposite. Here's what the new statement says:

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.

To clarify, you will need a unique game registration code in order to play the game, and used copies will not be eligible to receive a key if the code has already been redeemed. It works the same way as the PC version in that the code included in the box is to activate your ESOTU account and the discs are for installation purposes. If you own the disc but don't have a key, you'll be able to install the game and reach the login screen, but you won't be able to log in and access the game without an active ESOTU account.