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 Blossom and IPFS are Web3, for most definitions of the term. Nostr and Lightning are too, when people run their own nodes.

Possible to do this: yes

Ease to build: easy - cameras can record local video, apps already exist to upload into #IPFS, nostr link can then be shared as http://localhost:8080/IPFS/ (some CID hash). And nostriches with an IPFS app could just view it.

Likelihood of mass adoption: pretty low

Unfortunately. 

Workflow too complex, video stream too slow 
 So the key is caching and the UI. Yes? 
 100% 
 Thoughts: 

UI could have built in camera tool that defaults to Standard Definition or lower. That would help A LOT with the speed issues.

Caching: "eager loading" of follows' content could help, at the cost of increased data usage. New follows' content will still be slow, but the user's IPFS node will start learning shorter paths to the followed user's node. This is already a thing. 
 Have you heard of Tamas Kocsis?

https://www.ted.com/speakers/tamas_kocsis

Does he have something here? 
 Ill have to watch after work :) 
 Because who knows? @elonmusk @Elon Musk  @elonmusk @Elon Musk 
 it would be workable with blossom... an upload service like nostr.build could be integrated also and handle transcoding and provide an SD and HD version