I’d be surprised if the arbitrage opportunities are that broad, but yeah, it would be dominated by automated trading. It would be the same as trading stocks. Every piece of content would effectively have a bid/ask spread for its licenses, and people would have bots that are constantly speculating on them. I suppose when trade volume is low and prices vary, the swings could be quite wide trade-to-trade.

But this is what NFTs are, just with a decentralized exchange so that no single company can take a cut of every trade, and we already know how people felt about that.