Hi akshaybabloo,
This is a great question but it's a tough one. If you're already using a 1Password membership then you're in the best possible position to make the switch; We've built 1Password in a way that will keep your data safe and recoverable (for example, item history is available when you login to 1password.com).
If you don't yet have a 1Password membership you'll need to do that migration on 1Password 7 prior to making the jump to 1Password 8.
Keep in mind however, 1Password 8 is early access software, so there may be some rough edges you encounter. We hope that if you do, you'll let us know because others are likely running into those same edges and we'd like to get them sanded down.
If it helps, many of us on the development team have been using 1Password 8 as our daily driver since at least the spring. If you're ready to jump in, welcome! If you're not quite ready, that's ok, we'll see you soon!