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.
ORIGINAL STORY: Zenimax has clarified a point that might not sit well with console owners thinking about picking up The Elder Scrolls Online: it uses a one time key to activate the game that locks it to you once used.
It's the same as the PC version and not exactly a new concept, but it will be a new thing to most PS4 and Xbox One owners who are used to being able to trade in games without a second thought.
The info came to light via a post on the game's forums, questioning whether the game could be traded or rented. Short answer: hell, no.
Long answer, via Zenimax admin GaryA, is this:
Hey there folks,
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.
So there you go. If you fancy trying The Elder Scrolls Online on console, you and it are bonded for life.