Your encryption passphrase is separate from your password and never leaves your browser. You'll need it on each new browser.
Opened from a team creation link, no key needed.
Opened from an invite link.
New browser: enter your encryption passphrase to unlock your team's data.
Set an encryption passphrase. Your team's key is currently protected by your password, which the server sees at login. A passphrase never leaves your browser. You'll need it on each new browser.
Without your passphrase this key is lost. You can start over with a new key and passphrase, then a teammate will have to grant you access again from the Team page.
The only way to recover the team's data if every device loses access. It won't be shown again: write it down.