Yes, I have a slideshow set to change the wallpaper every 30 seconds using DeskScapes. Not sure what the COV folders are for though, as they pop up and disappear very quickly. Initially thought they might be some sort of malware, but I ran scans using several different pieces of software, and did not find anything. Process Monitor points to DeskScapes as the cause of this, which makes sense, given the timing.

The process that points me to DeskScapes as the cause of this in Process Monitor is DSHost.exe, which points to the following:

C:\Program Files (x86)\Stardock\DeskScapes\DSHost.exe

This is the primary process that shows up in Process Monitor when applying a filter for COV.

I am using both static images and videos for my wallpaper playlists in DeskScapes. This was not an issue prior to running the last Windows Update.