Nice demonstration!
The shape of that top causes much more air drag than our tops. The effect wouldn't be as spectacular with ours.
But it is an experiment I had wanted to do for a long time. Actually, professor Greenler (the presenter of the "Why does a spinning top stop?" lecture) proposes that experiment in his book Chasing Rainbows. He wonders if the largest loss of spin of a peg top is due to the air friction or the tip friction. His guess was the air friction if I recall correctly, but he wasn't sure.