Should I first mention the project name and then I get my license code? So is it mandatory to first mention the project name in the 'Edit' tab in the license table?
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To activate the license, you need the Product Name and Company Name in the license activation process. The Product Name and Company Name are a unique identifier for your Unity project.
See more about Activate license in Unity Project
By the way, your Product name and Company name can be changed by using 'Edit' tab in the license table whenever you want.