I run a couple of installs of win11 without a license key. Really haven't had any issues and you don't even get the annoying popup in the bottom right of the screen. I think the only thing I have not been able to do is some theming, display preferences which I do not care about. Everything else including domain binding works just fine.
With the cheap, individual license keys you see for sale, they are usually included in a larger group of licenses. A corporation will buy hundreds and have a few unused so they get resold. Everything works just fine until the corp goes away or they kill the licenses. Not a bad a risk to take given the costs.
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