A community to talk about the Fediverse and all it's related services using ActivityPub (Mastodon, Lemmy, KBin, etc).
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Not only possible, already a thing. It's called PeerTube and there are a few instances, mostly in french from what I can tell.
Though storing video is such a massive challenge that I don't expect nearly as much growth with PeerTube as we had with Lemmy, at least for the time being.
Another big roadblock is that many YouTube creators rely on the YouTube ad income. It's not like Reddit or Twitter, where we were providing the content for free.
That is what PeerTube is
Peertube and Pixelfed are capable, but would explode at scale. Video hosting requires deep pockets once people need to save and stream large amounts of video data. Text and still images you can host for pennies on the user per month. It kind of storage and network connections you have to keep up for video are more badass.
Yeah as another person mentioned you'fe looking for Peertube. Though in my experience trying to use it, there's no way I could replace Youtube the way I have Twitter & Reddit.
The Fediverse will soon take care of all your needs.