The link in the welcome email you received from us will only work once. After you've been through the process of creating your Flickr account, you need to sign in via our sign in page each time you want to use Flickr.
If you haven't accepted your invitation, and created a Flickr account yet, there might be a problem using the link from your welcome email. One thing you should try is copying and pasting the whole web address from the email we sent you into your browser's address bar. Make sure you get it all.
You could also just create a new account if you like.