Elicenser can see my dongle, but No licence found, however much I retry or reposition the dongle. Please, please, please let’s keep the dongle-only-option at least while you are trying to make the new system work.
The dongle has nothing to do with Nuendo 12 once you have completed the eLicenser part of the upgrade successfully (as the second screenshot shows that you have).
For some reason, Steinberg Activation Manager cannot find a Nuendo 12 licence in your account. Make sure Steinberg Activation Manager is signed into the same Steinberg account that Steinberg Download Assistant was signed into when you activated Nuendo 12.
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I have 3 licenses upgraded from Nuendo 11. If you can’t find any of them, please refund me my money, and I will continue using Nuendo 11.
regards
Note that the forum is not a reliable place to ask for a refund, and that you have been chatting with other users, not Steinberg staff.
As stated above, The Elicenser has no connection to Cubase/Nuendo 12, so efforts you make in that direction won’t have much of an effect, nor will your posts here if you don’t respond to the possibly helpful posts from other users.
Have you logged into the correct account after launching the Steinberg Activation Manager?
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I’m having the exact same issue. I only have one account at Steinberg to log into. It shows my C12 license but nothing for N12.
Had the same issue briefly until I rebooted. Not sure why the installer doesn’t suggest or require a reboot.
The installation and activation was odd and I didn’t find any clear cut steps that explained it. Especially the two different codes thing, but I managed to bumble my way through it. Also, it wanted to install into the Nuendo 11 folder and that is unusual too - all my other versions have gone into their own folder, so I pointed into a new folder. It didn’t migrate my prefs either - I copied them over from N11 and all seems fine so far. We’ll see. 
I have the same issue. Apparently I have downloaded and installed 12 but when I am forced to jump through hoops to activate it the activation dialogue just shrugs it’s shoulders and doesn’t work. Annoying. HOW do I activate my N12?
It’s not clear cut to me probably because I was used to the ELC. I had a download code and then had to “redeem” an activation code from some other web page (I luckily found) which I plugged into ELC and it seem happy and shows N11 ungraded to N12 with Steinberg Licensing. But that was not enough and when N12 launched is started some Activation Manager that also wanted the code, if I recall, but I had no idea what I was doing and no instructions I could find explained the process in detail. I literally just stumbled through this blind.
Now, N12 works. BUT!..when I look on the My Products page of Steinberg.net, it shows those codes, but also says N12 “not yet activated”. And when I click on “how to activate your product”, it takes to a page talking about putting the code in ELC. VERY Confusing and also, I already did all that and am not sure if I needed to. I wish all this was better documented.
I found information that says to run Activation Manager, and when I do, it shows N12 as activated.
Aside from all that, N12 opens and runs fine.
I just found this and it pretty much covers my Qs about ELC and upgrading and the codes, etc:
Steinberg Licensing: Upgrades from eLicenser-based products – Steinberg Support
Why was that link not in the N12 readme under Installation and Activation - the link provided, Get Your Steinberg Product | Steinberg, is pretty much useless.