NAND key (varies): This AES key is used to encrypt the filesystem data on the actual NAND chip itself; it is probably randomly generated during manufacturing and is also stored in the OTP area of the Starlet. This key is used to prevent the contents of the NAND filesystem from being read using a
flash chip reader. Nintendo may or may not actually record this key anywhere, since they (theoretically) don’t need to ever use it. In fact, in some similar systems, keys like this are generated automatically by the device itself and (theoretically) never leave it — the Wii shares some design prinicples with
HSMs, but it certainly doesn’t manage to be one. This is another OTP key.