The short answer is Yes.
There are a few different “alternative” sleep cycles out there. One is the Uberman cycle, where instead of taking a long 8 hour nap, you take 20 minute naps every 4 hours for a total of 2 hours per 24 hours.
The idea is to get your body trained to reach REM sleep quickly, as that is when your body rests and repairs itself. In a standard sleep schedule, it may take your body a few hours to reach REM.
There haven’t been really any side effects reported, although data is limited.