MacBook Air 2020 13'' - Running Catalina 10.15.7: Having the same problem at 12 minutes. Also, I created an USB for fresh install, but it stop and says: "to use this boot disk you need an update", I click on "update", but the problem persists. No way to install Big Sur. I tried the suggestion to reset the NVRAM, I tried also to stop FileVault. The only thing I haven't tried is reset of SMC. I don't know how tomorrow they can officially release. I tried to run the fresh install from USB in another MacBook Pro (2015), and there it's run.

Hi @kh4inguyen, do you know if that solution works even installing Big Sur from USB from boot? Thanks

Hi the last suggestion fixed the problem. It works even with boot USB for clean installation. Thanks.