It's more than possible, I've done it before. In fact this was a shelved project of mine way back in 2011.
If you want to do something like in the video. All it really boils down to is good math and having system in place to swiftly move 100+ objects at a time.
1. In the example I posted, each ring has a Z value that goes up as it goes further in the distance. Each number up multiplies the ring's size and distance from the middle by 70% (A number chosen to make the ring's pieces seamlessly connect ), this makes each ring shrink as it's value goes up.
2. Every tick all the ring's Z values are subtracted from, bringing them "closer" to the screen. Once the value passes about -2 two, 20 is added and it's sent to the back (You're always looking at the same rings, none are ever deleted or added)
3. The rings positions are further controlled by variables, that offset the ring from the center (The effect becoming stronger the higher the ring's Z value)
If you have any questions or want to know more, let me know. Sorry if this doesn't make too much sense, I'm trying to remember a 3 year old game design.