My dilemma is what happens when an individual decides to buy the whole of one particular NFT and the fractional owners sell it to him, does he own the real-life artwork or only an NFT?
NFT usually offers just the digital ownership of art unless it is specifically mentioned that the ownership of its digital version would guarantee you ownership to the actual real life piece. You are going to check this one because it differs each artwork/platform where it is being sold on to.
What could be the advantages of owning fraction of NFTs like these?
Well it allows for cheaper investments in art. If you can’t buy one single piece of art but still want to own at least a part of it then you can do so through NFT. Some may even earn from owning a part of art if the art is displayed and is able to garner profits.