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As you are aware, ERC20 tokens are fungible tokens and ERC721 are non-fungible tokens. Click here for details if you want to read about them.
Assuming you have a non-fungible digital asset such as art tokenized as 1 token. Can I further tokenize that art to many fungible tokens so I can start selling it fractionally to many users? Something like the concept of crowdfunding.
Yes.
Nothing stops you from creating a contract which owns the NFT. The contract may have whatever logic to manage the NFT and it may even itself be an ERC20.
There are probably also EIP standards for such, but no idea which. Or you could directly consider using a multi-type standard: https://eips.ethereum.org/EIPS/eip-1155
