Very true, and a big example of this happening are company shares being exchanged literally millions of times every trading day of stock markets worldwide.

Much of the key legal rights fall within having a majority of control. E.g. if you own 51% of a company then you would typically have a controlling share of it, opening possibilities of rights more significant to the remaining minority co-owners.

Ownership of any proportion all revolves around what the greatest power is both willing and capable of enforcing towards the particular property, asset, or "thing". Different kinds of "things" get different rules and these rules can change at any time.