In general, your license key is located on your Envato Market downloads page on themeforest.net. However, this key is not accepted by most themes as an activation code.
As part of the Envato Hosted service, your theme license is rolled into your active subscription and is used to manage your account and downloads on Themeforest. In almost all cases, your theme does NOT require manual activation on Envato Hosted and should be fully functional - Any activation process in the Theme's admin is aimed at standalone customers. Themes that are activated during setup this way use a bulk activation code that you will not have access to. Detailed information on various theme activation types and how they differ with Hosted is outlined below.
If your theme is not allowing you to access demo content or use specific features without registration, it may be due to the backend activation being lost. This most often happens after using a Reset plugin to reset your site. Should you need to re-activate your theme due to a site reset or similar and activation is required to install demos or plugins, see this solution
Themes using Envato Market plugin or API Keys
If your theme uses the Envato Market plugin or asks you to connect to the Envato Market account for an API key, you do NOT need to activate your theme using this method and will not be able to complete the process for themes on Hosted. This is normal!
Author Websites and Support
If you have clicked a button in your theme's admin panel to visit the theme author's website, you may be prompted to enter your Envato purchase code to access resources so cannot continue. This is normal!
Envato Hosted provides exclusive, premium, expert support for your WordPress install and hosted theme through our partnership with the theme author. You may find answers to most questions here in the help center or may get in touch with us via the Get Help button below or in your WordPress admin.
Please see the following for more detail on our support policy and options:
Your theme may come with bundled plugins such as WP Bakery Page Builder or Revolution Slider which ask you to register or purchase. This is not required unless you would like to upgrade for access to premium content and support for these plugins. Your theme includes a bulk license to use the product for free as-is and takes on all responsibility for bundling and providing plugin updates. Learn more about bundled plugins here.