Watermark per user, per video?

Hello there,

I’m trying to setup my brand new course video platform and I’m thinking about a video hosting and streaming platform - Cloudflare Stream looks good, but…

Is there a way to apply a watermark per API token (per user?) to the same video? I don’t want people to share the video that they bought.

I saw the docs, and it looks like that I have to reupload my video each time, apply the custom watermark per custom video and then generate a token and then send it to the user. Right? Or maybe there is a simpler solution? This sound costly…