Recent world events have caused a dramatic rise in the use of video conferencing solutions such as Zoom and FaceTime. Although 3D capture and display technologies are becoming common in consumer products (e.g., Apple iPhone TrueDepth sensors, Microsoft Kinect devices, and Meta Quest VR headsets), 3D telecommunication has not yet seen any appreciable adoption. Researchers have made great progress in developing advanced 3D telepresence systems, but often with burdensome hardware and network requirements. In this work, we present HoloKinect, an open-source, user-friendly, and GPU-accelerated platform for enabling live, two-way 3D video conferencing on commodity hardware and a standard broadband internet connection. A Microsoft Azure Kinect serves as the capture device and a Looking Glass Portrait multiscopically displays the final reconstructed 3D mesh for a hologram-like effect. HoloKinect packs color and depth information into a single video stream, leveraging multiwavelength depth (MWD) encoding to store depth maps in standard RGB video frames. The video stream is compressed with highly optimized and hardware-accelerated video codecs such as H.264. A search of the depth and video encoding parameter space was performed to analyze the quantitative and qualitative losses resulting from HoloKinect’s lossy compression scheme. Visual results were acceptable at all tested bitrates (3–30 Mbps), while the best results were achieved with higher video bitrates and full 4:4:4 chroma sampling. RMSE values of the recovered depth measurements were low across all settings permutations.