Fediverse

Obviously Lemmy, Mastodon, Pixelfed, etc. are federated decentralized equivalent to their centralized counterparts, but what is the counterpart in the fediverse to TikTok? It is a dominant app for millions of people, and as far as I can tell the closest thing is Peertube, but isn’t that more of a YouTube equivalent? Does it not exist because the bandwidth and storage costs are just too great? Or because the algorithmic nature of content selection is inherently anti-fediverse in some way? Clearly many people choose to interact with each other this way, but it seems like a gap in the fediverse and I was wondering why.