How do you run a Laravel project with PHP version requirements lower than the currently installed active PHP version

I saw a Laravel project online and want to execute it on my computer to make it a reference for my upcoming project.

I was trying to install composer dependencies by typing the command composer install in the project root path and received this kind of error:

Installing dependencies from lock file (including require-dev)
Verifying lock file contents can be installed on current platform.
Your lock file does not contain a compatible set of packages. Please run composer update.

  Problem 1
    - sentry/sentry is locked to version 1.11.0 and an update of this package was not requested.
    - sentry/sentry 1.11.0 requires php ^5.3|^7.0 -> your php version (8.1.4) does not satisfy that requirement.
  Problem 2
    - spatie/laravel-medialibrary is locked to version 3.18.0 and an update of this package was not requested.
    - spatie/laravel-medialibrary 3.18.0 requires php ^5.5|^7.0 -> your php version (8.1.4) does not satisfy that requirement.
  Problem 3
    - fzaninotto/faker is locked to version v1.9.2 and an update of this package was not requested.
    - fzaninotto/faker v1.9.2 requires php ^5.3.3 || ^7.0 -> your php version (8.1.4) does not satisfy that requirement.  Problem 4
    - phpspec/prophecy is locked to version v1.10.3 and an update of this package was not requested.
    - phpspec/prophecy v1.10.3 requires php ^5.3|^7.0 -> your php version (8.1.4) does not satisfy that requirement.
  Problem 5
    - phpunit/php-timer is locked to version 1.0.9 and an update of this package was not requested.
    - phpunit/php-timer 1.0.9 requires php ^5.3.3 || ^7.0 -> your php version (8.1.4) does not satisfy that requirement.  Problem 6
    - sebastian/diff is locked to version 1.4.3 and an update of this package was not requested.
    - sebastian/diff 1.4.3 requires php ^5.3.3 || ^7.0 -> your php version (8.1.4) does not satisfy that requirement.
  Problem 7
    - sebastian/environment is locked to version 1.3.8 and an update of this package was not requested.
    - sebastian/environment 1.3.8 requires php ^5.3.3 || ^7.0 -> your php version (8.1.4) does not satisfy that requirement.
  Problem 8
    - sentry/sentry 1.11.0 requires php ^5.3|^7.0 -> your php version (8.1.4) does not satisfy that requirement.
    - sentry/sentry-laravel 0.7.1 requires sentry/sentry ^1.6.0 -> satisfiable by sentry/sentry[1.11.0].
    - sentry/sentry-laravel is locked to version 0.7.1 and an update of this package was not requested.

---

Here is my composer.json file. If I'm going to downgrade to fix this problem I just want to ask exactly where?

{
    "name": "laravel/laravel",
    "description": "The Laravel Framework.",
    "keywords": [
        "framework",
        "laravel"
    ],
    "license": "MIT",
    "type": "project",
    "require": {
        "php": ">=5.5.9",
        "laravel/framework": "5.1.*",
        "laravelcollective/html": "5.1.*",
        "laracasts/flash": "^1.3",
        "intervention/image": "^2.3",
        "intervention/imagecache": "^2.3",
        "laracasts/utilities": "~2.0",
        "sofa/eloquence": "~5.1@dev",
        "tymon/jwt-auth": "0.5.*",
        "spatie/laravel-medialibrary": "^3.18",
        "rap2hpoutre/laravel-log-viewer": "^0.6.1",
        "zizaco/entrust": "dev-laravel-5",
        "sentry/sentry-laravel": "^0.7.0"
    },
    "require-dev": {
        "barryvdh/laravel-debugbar": "^2.0",
        "fzaninotto/faker": "~1.4",
        "mockery/mockery": "0.9.*",
        "phpunit/phpunit": "~4.0",
        "phpspec/phpspec": "~2.1"
    },
    "autoload": {
        "classmap": [
            "database",
            "app/Lubus"
        ],
        "psr-4": {
            "App\\": "app/"
        }
    },
    "autoload-dev": {
        "classmap": [
            "tests/TestCase.php"
        ]
    },
    "scripts": {
        "post-install-cmd": [
            "php artisan clear-compiled",
            "php artisan optimize"
        ],
        "pre-update-cmd": [
            "php artisan clear-compiled"
        ],
        "post-update-cmd": [
            "php artisan optimize"
        ],
        "post-root-package-install": [
            "php -r \"copy('.env.example', '.env');\""
        ],
        "post-create-project-cmd": [
            "php artisan key:generate"
        ]
    },
    "config": {
        "preferred-install": "dist",
        "allow-plugins": {
            "kylekatarnls/update-helper": true
        }
    }
}

---

How can I fix this?

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