Error "Root composer.json requires php ^7.3 but your php version (8.0.0) does not satisfy that requirement"

I have an unusual error while running the composer install command.

It requires PHP 7.3 while I have PHP 8.0.0. This question is different from Override PHP base dependency in composer, because I have a higher version of PHP (8.0.0) than it required. Why is it not working?

Problem 1
    - Root composer.json requires php ^7.3 but your php version (8.0.0) does not satisfy that requirement.         Problem 2
    - asm89/stack-cors is locked to version v2.0.1 and an update of this package was not requested.
    - asm89/stack-cors v2.0.1 requires php ^7.0 -> your php version (8.0.0) does not satisfy that requirement.   Problem 3
    - laravel/framework is locked to version v8.10.0 and an update of this package was not requested.
    - laravel/framework v8.10.0 requires php ^7.3 -> your php version (8.0.0) does not satisfy that requirement.   Problem 4
    - laravel/tinker is locked to version v2.4.2 and an update of this package was not requested.
    - laravel/tinker v2.4.2 requires php ^7.2 -> your php version (8.0.0) does not satisfy that requirement.   Problem 5
    - facade/flare-client-php is locked to version 1.3.6 and an update of this package was not requested.
    - facade/flare-client-php 1.3.6 requires php ^7.1 -> your php version (8.0.0) does not satisfy that requirement.   Problem 6
    - facade/ignition is locked to version 2.4.1 and an update of this package was not requested.
    - facade/ignition 2.4.1 requires php ^7.2.5 -> your php version (8.0.0) does not satisfy that requirement.   Problem 7
    - fzaninotto/faker is locked to version v1.9.1 and an update of this package was not requested.
    - fzaninotto/faker v1.9.1 requires php ^5.3.3 || ^7.0 -> your php version (8.0.0) does not satisfy that requirement.   Problem 8
    - nunomaduro/collision is locked to version v5.0.2 and an update of this package was not requested.
    - nunomaduro/collision v5.0.2 requires php ^7.3 -> your php version (8.0.0) does not satisfy that requirement.   Problem 9
    - asm89/stack-cors v2.0.1 requires php ^7.0 -> your php version (8.0.0) does not satisfy that requirement.
    - fruitcake/laravel-cors v2.0.2 requires asm89/stack-cors ^2.0.1 -> satisfiable by asm89/stack-cors[v2.0.1].
    - fruitcake/laravel-cors is locked to version v2.0.2 and an update of this package was not requested.

It's because in your project in composer.json file you have:

"require": {
    "php": ">=7.3",
    .....
},

Try to update this requirement to:

"require": {
    "php": "^7.3|^8.0",
    .....
},