Says Arnold, located on both of Elsa's arms.
(Source of spotting the second watermark:
)
Apparently it shows up for a second then disappears so it's incredibly unlikely you would ever notice unless someone pointed it out.
Still, considering this is likely a pre-rendered scene, if they wanted to remove this watermark they'd have to go back and re-render this scene and re-edit the video to fix the frames the watermark is present.
EDIT:
It's entirely possible development took so long their license expired lmao
(The more likely answer is that the machine that was being used to render it didn't have the license on it and they weren't aware, though.)
EDIT 2:
Again? This was in one of the HD Remixes too if I recall.
*Edit*
Yeah, here we go. It was in 0.2 Birth by Sleep.
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