The main concept of Peer-to-Peer (P2P) streaming is that viewers will contribute their bandwidth to the overlay and act as a relay for the video streams. In this paper, we introduce how a peer may implement an adaptive streaming scheme to serve peers in a P2P application. The technical contribution of this paper is to present the effectiveness and feasibility of utilizing the available computing power of the participating peers to serve mobile and heterogeneous clients by adapting the video content on the fly. The benefit is that there is no need for a dedicated adaptation or streaming server deployed in the system for video streaming/sharing applications. We emphasize on structured metadata-based adaptation and streaming utilizing MPEG-21 gBSD. Here, we briefly illustrate our scheme and present some experimental evaluations supporting our design choices.