Laravel PHP version

Does a Laravel project require 2 versions of PHP ?

I am working on a Laravel project. I have 2 versions of PHP in my computer. If I set PHP version 8.1 and run composer update I am getting below error.

https://ibb.co/YjP01YK

If I set PHP version 7.4 and run composer update I am getting below error.

https://ibb.co/ZzHs3JP

What will be the solution ?

composer.json

{ "name": "laravel/laravel", "type": "project", "description": "The Laravel Framework.", "keywords": ["framework", "laravel"], "license": "MIT", "require": { "php": "^7.4", "archtechx/enums": "^0.3.0", "fruitcake/laravel-cors": "^2.0", "guzzlehttp/guzzle": "^7.0.1", "laravel/framework": "^9.0", "laravel/passport": "^10.4", "laravel/tinker": "^2.5", "spatie/laravel-medialibrary": "^10.0.0", "stripe/stripe-php": "^7.125", "symfony/http-client": "^6.0", "symfony/postmark-mailer": "^6.0" }, "require-dev": { "barryvdh/laravel-ide-helper": "^2.12", "fakerphp/faker": "^1.9.1", "laravel/breeze": "^1.8", "laravel/sail": "^1.0.1", "mockery/mockery": "^1.4.4", "nunomaduro/collision": "^6.1", "phpunit/phpunit": "^9.5.10", "spatie/laravel-ignition": "^1.0" }, "autoload": { "files": [ "app/Helper/starter.php" ], "psr-4": { "App\": "app/", "Database\Factories\": "database/factories/", "Database\Seeders\": "database/seeders/" } }, "autoload-dev": { "psr-4": { "Tests\": "tests/" } }, "scripts": { "post-autoload-dump": [ "Illuminate\Foundation\ComposerScripts::postAutoloadDump", "@php artisan package:discover --ansi" ], "post-update-cmd": [ "@php artisan vendor:publish --tag=laravel-assets --ansi --force" ], "post-root-package-install": [ "@php -r "file_exists('.env') || copy('.env.example', '.env');"" ], "post-create-project-cmd": [ "@php artisan key:generate --ansi" ] }, "extra": { "laravel": { "dont-discover": [] } }, "config": { "optimize-autoloader": true, "preferred-install": "dist", "sort-packages": true }, "minimum-stability": "dev", "prefer-stable": true }