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Take note that cheats do in fact still work. Here's proof*
You must login or register to view this content. *I posted this over at the FB page too but I want to share it here for those who got this. We gotta realize that this is the new anti cheating measures TN implemented in the latest patch to prevent cheating during PvP.
All other cheats will load the game just fine without error. Now to bypass this "NO" all you have to do is disconnect yourself from the internet.* I've figured out that having one of these two cheats only activated will trigger it (Divine Fragments and Spirit Chunks)
1. Apply your cheats, whichever ones you want
2. Once you transferred your save data to the console on the PS4 go to Settings>Internet>Uncheck connect to internet
3. Load up Nioh, from this point you will be able to continue your game bypassing the "NO"
4. Once you're in the map screen you can now go back into your PS4 settings and connect to the internet again
5. Hit R3 to connect online in Nioh and that's it. After this you can load your save backup without any problems. So if you run into the "NO" error again just do the same steps.
This has been proven to work on 1.10 US version. No clue if this applies in the EU as well.*