Yep but you get inferior quality, more delay, more CPU load on the client's side, it's more complicated to setup and usually less reliable.
So what's the point? Don't you have a gigabit network available? It even works pretty well on crappy Wifi connections for basic stuff (though I don't recommend this).

You can do it easily (!) with VLC or FFMPEG if you want to try. Or OBS... Available for Windows, Mac and Linux. Or simply use a screen grabber (that usually only records) and pipe it to the encoder of your choice (mostly on Linux).

Another solution is to use an external encoder (with HDMI input) on a cloned monitor output.

Examples using FFMPEG : https://trac.ffmpeg.org/wiki/Capture/Desktop
For VLC, it's pretty straight forward


Guillaume