Can I change a repository from Vue-Cli to Nuxt?

I have a Vue-Cli project folder. How do I move that project to Nuxt 3? Can I just install Nuxt into that same project folder?
The Nuxt install command:

yarn create nuxt-app <project-name>

asks for a project name? So do I just give it the name of the already existing folder?

A little confused. Any help appreciated. :slight_smile: