I recently upgraded my PHP to the latest version i.e v8.

When I visited admin panel -> Settings -> Media, I got Error 500.

Screenshot attached

unable to add links and errors details, as the forum is restricting me by stating -> "Sorry, you are not allowed to post external links.". Kindly refer to the screenshot.

PHP 8.1 is not yet compatible because libraries dependencies.

gd_info is available in all php versions, maybe you do not have gd extension installed.
https://www.php.net/manual/en/function.gd-info.php

On update to PHP 8.1, my hosting provider reset the PHP extensions to the default value.
Also, I installed Xampp with the fresh configuration without enabling the "gd" extension
I enabled the "gd" extension, it is working fine now.

I was blaming PHP 8.1 without digging deep into the issue. :p
Thanks for the reply, otherwise I was unable to figure out the issue. 
[solved]

@Jhom
Glad to hear that