A floating object's rotation is influenced by its mass distribution and the forces acting upon it, such as water currents and drag. When an external force is applied, like a sea anchor, the object may not rotate around its center of mass but rather around a point determined by the center of pressure and drag effects. The discussion emphasizes that the interaction with water, including factors like the shape of the object and any appendages, plays a critical role in determining the axis of rotation. Additionally, the complexities of water movement can further complicate the analysis of rotational dynamics. Ultimately, the rotation of a floating object is not solely about its center of mass but involves various physical interactions with the surrounding environment.