Yes, but the problem is they have a lot which needs to be invested into for something like this, not just CGI. Although they can probably save up in other things and just make it endless CGI. :')
I have no doubt in CGI or Netflix monopoly, it's a question how much they're really willing to invest into an adaptation. It's not like they're making yet another season of popular shows like Stranger Things or something. Adaptations like this are generally risky business, which failed more often than not.
And of course, even if they pull off the visuals, the casting, acting, and directing are tough as well.