V-Ray for Revit / 3ds Max can be licensed online.
The online activation is linked to a V-Ray account on the Chaosgroup.com website which is linked to an email address. You need an internet connection if you want to work with V-Ray, and you can also use your license offline for a maximum of 14 days (borrow). If you no longer use V-Ray, you can release the license for someone else in the network via the V-Ray interface.
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