What's the realistic future of fractional ownership?

I had never heard of Fractional Ownership until a few months ago when it was brought up to me. It's been explained to me enough times that I feel like the people explaining aren't hearing themselves.

"You're buying real estate, not time."

Sure.. but it's still ultimately divided up.. by time..?

The appeal of having part ownership in an assumed-to-be expensive piece of property makes sense, especially in comparison to the price of a timeshare that you use one week out of the year. The rest, though, seems like it has the potential for a massive headache.

What happens when the multi-million dollar home inevitably needs repairs and all owners need to agree on what to be done and who to hire? Or when multiple owners want to use the property in the same time frame? Or if you decide you want to sell your portion, who realistically would want to buy into your 1/4 (1/5, 1/6, etc)?

I've read other Reddit posts and people suggest it's tailored for family members or close friends, but if you want to do that, co-ownership has been around forever.

What's the future of a high-end timeshare that's not a timeshare?