If you've selected "Email address of viewer" to display in your Dynamic Watermark, you won't be able to set the Access to "Anyone with the Link (No email verification)".

For the Dynamic Watermark to display the email address of the viewer, our system needs to verify the viewer’s email address. In other words, unverified email addresses cannot be displayed in Dynamic Watermarks.

If the file's Access setting is set to “Anyone with the link (no email verification)”, this prevents our system from verifying the viewer's email address. As a result, the Dynamic Watermark cannot display the email address of the viewer.

If you need to enable Dynamic Watermark with the viewer's email address displayed on the file, please set the Access to one of the following instead:

If you need the file to be publicly accessible, please unselect "Email address of viewer" in your Dynamic Watermark settings.