Had some time to review the logs between the game playing on an older version of the emulator as seen above and a new version of the emulator that does not allow the game to work. Below is the section of the log on two versions of the emulator that pertain to the error.
Game is working on this emulator version: rpcs3-v0.0.12-10857-da6760ed_win64
·! 0:00:15.272738 {PPU[0x1000000] Thread (main_thread) [0x007c0ec0]} sys_fs: sys_fs_fcntl(0xc0000006): /dev_hdd0
·W 0:00:15.272749 {PPU[0x1000000] Thread (main_thread) [0x007c1ee4]} sys_fs: sys_fs_stat(path=“/dev_hdd0/game/NPUB31118/USRDIR/key.edat”, sb=*0xd00104d8)
·W 0:00:15.272956 {PPU[0x1000000] Thread (main_thread) [HLE:0x004d5828, LR:0x000ffe20]} sceNp: sceNpDrmIsAvailable(k_licensee=*0xd00109b8, drm_path=*0x3004b840)
·! 0:00:15.272974 {PPU[0x1000000] Thread (main_thread) [HLE:0x004d5828, LR:0x000ffe20]} sceNp: npDrmIsAvailable(): KLicense key 0x2609290528121803d22df39e1cbade16
·W 0:00:15.272979 {PPU[0x1000000] Thread (main_thread) [HLE:0x004d5828, LR:0x000ffe20]} sceNp: npDrmIsAvailable(): drm_path=“/dev_hdd0/game/NPUB31118/USRDIR/key.edat”
·! 0:00:15.273468 {PPU[0x1000000] Thread (main_thread) [0x007c0ec0]} sys_fs: sys_fs_fcntl(0xc0000006): /dev_hdd0
·W 0:00:15.273480 {PPU[0x1000000] Thread (main_thread) [0x007c2090]} sys_fs: sys_fs_open(path=“/dev_hdd0/game/NPUB31118/USRDIR/key.edat”, flags=0, fd=*0xd0010460, mode=0, arg=*0xd00105b8, size=0x8)
·W 0:00:15.273605 {PPU[0x1000000] Thread (main_thread) [0x007c2090]} sys_fs: sys_fs_open(): NPDRM detected
·W 0:00:15.273679 {PPU[0x1000000] Thread (main_thread) [0x00305638]} sys_semaphore: sys_semaphore_create(sem_id=*0x443170, attr=*0xd00105e0, initial_val=0, max_val=1)
·W 0:00:15.273688 {PPU[0x1000000] Thread (main_thread) [0x00305638]} sys_semaphore: sys_semaphore_create(sem_id=*0x443180, attr=*0xd00105e0, initial_val=0, max_val=1)
·W 0:00:15.273706 {PPU[0x1000000] Thread (main_thread) [HLE:0x004d00f8, LR:0x000fc1cc]} sceNpTrophy: sceNpTrophyInit(pool=*0x0, poolSize=0x0, containerId=0xffffffff, options=0x0)
·W 0:00:15.273714 {PPU[0x1000000] Thread (main_thread) [0x006f4d60]} sys_ppu_thread: _sys_ppu_thread_create(thread_id=*0x443168, param=*0xd00104a0, arg=0x443070, unk=0x0, prio=1002, stacksize=0x1000, flags=0x1, threadname=*0x3bfcb8)
·W 0:00:15.273982 {PPU[0x1000000] Thread (main_thread) [0x006f4d60]} sys_ppu_thread: _sys_ppu_thread_create(): Thread “trophy_init_thread” created (id=0x1000005, func=*0xfd7e0, rtoc=0x3c4950, user-tls=0x20007b50)
·! 0:00:15.274021 {PPU[0x1000000] Thread (main_thread) [0x002d6e50]} sys_tty: sys_tty_write(ch=0, buf=*0x30005a00, len=25, pwritelen=*0xd00100e0)
·! 0:00:15.274027 {PPU[0x1000000] Thread (main_thread) [0x002d6e50]} sys_tty: sys_tty_write(): “Init thread ID: 16777221
Game is Not Working on emulator versions past the one shown above.
·! 0:07:57.013581 {PPU[0x1000000] Thread (main_thread) [0x00760ec0]} sys_fs: sys_fs_fcntl(0xc0000006): /dev_hdd0
·W 0:07:57.013593 {PPU[0x1000000] Thread (main_thread) [0x00761ee4]} sys_fs: sys_fs_stat(path=“/dev_hdd0/game/NPUB31118/USRDIR/key.edat”, sb=*0xd00104e8)
·W 0:07:57.013780 {PPU[0x1000000] Thread (main_thread) [HLE:0x0047582c, LR:0x000f5798]} sceNp: sceNpDrmIsAvailable(k_licensee=*0xd00109c8, drm_path=*0x3004b720)
·! 0:07:57.013794 {PPU[0x1000000] Thread (main_thread) [HLE:0x0047582c, LR:0x000f5798]} sceNp: npDrmIsAvailable(): KLicense key 0x2609290528121803d22df39e1cbade16
·W 0:07:57.013803 {PPU[0x1000000] Thread (main_thread) [HLE:0x0047582c, LR:0x000f5798]} sceNp: npDrmIsAvailable(): drm_path=“/dev_hdd0/game/NPUB31118/USRDIR/key.edat”
·W 0:07:57.014083 {PPU[0x1000000] Thread (main_thread) [HLE:0x0047582c, LR:0x000f5798]} sceNp: npDrmIsAvailable(): Rap file not found: “/dev_hdd0/home/00000001/exdata/UP2087-NPUB31118_00-DRAGONFANTASYBKI.rap”
·! 0:07:57.014106 {PPU[0x1000000] Thread (main_thread) [0x00760ec0]} sys_fs: sys_fs_fcntl(0xc0000006): /dev_hdd0
·W 0:07:57.014117 {PPU[0x1000000] Thread (main_thread) [0x00762090]} sys_fs: sys_fs_open(path=“/dev_hdd0/game/NPUB31118/USRDIR/key.edat”, flags=0, fd=*0xd0010470, mode=0, arg=*0xd00105c8, size=0x8)
·W 0:07:57.014321 {PPU[0x1000000] Thread (main_thread) [0x00762090]} EDAT: EDAT: Empty Dec key for local activation!
·W 0:07:57.014334 {PPU[0x1000000] Thread (main_thread) [0x00762090]} sys_fs: sys_fs_open(): NPDRM detected
·E 0:07:57.014377 {PPU[0x1000000] Thread (main_thread) [0x00761174]} EDAT: EDAT: Block at offset 0x120 has invalid hash!
·E 0:07:57.014392 {PPU[0x1000000] Thread (main_thread) [0x00761174]} EDAT: Error Decrypting data
·W 0:07:57.014404 {PPU[0x1000000] Thread (main_thread) [0x00694d60]} sys_ppu_thread: _sys_ppu_thread_create(thread_id=*0xd0010a08, param=*0xd00105c0, arg=0x0, unk=0x0, prio=1002, stacksize=0x1000, flags=0x1, threadname=*0x3af06b)
·W 0:07:57.014434 {PPU[0x1000000] Thread (main_thread) [0x00694d60]} sys_ppu_thread: _sys_ppu_thread_create(): Thread “hdderr_thread” created (id=0x1000005, func=*0xf7620, rtoc=0x3b3dc8, user-tls=0x20007b50)
·W 0:07:57.014468 {PPU[0x1000000] Thread (main_thread) [0x007013e0]} sys_rsx: sys_rsx_attribute(packageId=0x202, a2=0x1, a3=0x1, a4=0x0, a5=0x0)
·W 0:07:57.014469 {PPU[0x1000005] Thread (hdderr_thread) [HLE:0x00470e24, LR:0x000f764c]} cellGame: cellGameContentErrorDialog(type=101, errNeedSizeKB=0, dirName=«NULL»)
·W 0:07:57.014495 {PPU[0x1000000] Thread (main_thread) [0x00701c44]} sys_rsx: sys_rsx_attribute(packageId=0x2, a2=0x1, a3=0x0, a4=0x0, a5=0x0)
·W 0:07:57.014503 {PPU[0x1000005] Thread (hdderr_thread) [HLE:0x00470e24, LR:0x000f764c]} cellSysutil: open_exit_dialog(message=ERROR: HDD boot game is corrupted. The application will be terminated., is_exit_requested=1)
·W 0:07:57.014509 {PPU[0x1000000] Thread (main_thread) [0x00701c6c]} sys_rsx: sys_rsx_context_attribute(context_id=0x55555555, package_id=0x101, a3=0x1, a4=0x2, a5=0x0, a6=0x0)
·W 0:07:57.014519 {PPU[0x1000005] Thread (hdderr_thread) [HLE:0x00470e24, LR:0x000f764c]} cellSysutil: open_msg_dialog(is_blocking=1, type=0xa0, msgString=“ERROR: HDD boot game is corrupted. The application will be terminated.”, callback=*0x4703f0, userData=*0x0, extParam=*0x0)
·U 0:08:00.660844 {PPU[0x1000000] Thread (main_thread) [0x002bd0b8]} PPU TODO: Unimplemented syscall syscall_988 -> CELL_OK (r3=0x1, r4=0x0, r5=0x0, r6=0x381c3558, r7=0x702, r8=0x0, r9=0xa0, r10=0x10)
·W 0:08:00.660902 {PPU[0x1000000] Thread (main_thread) [0x006a0c88]} sys_prx: _sys_prx_get_module_list(flags=2, pInfo=*0xd0010b28)
It looks like the key.edat phase does not recognize the key on the newer versions of the emulator.