After reading several blogs, buying several adapters, and watching several videos, I finally found the simplest and cheapest way to connect multiple monitors to a MacBook Pro with the new M1 chip.
Note, that since you only have two ports for USB-C on your MacBook, one needs to be used for power, so I also use a usb-c hub that allows power to pass through. Just search for usb-c hub with power delivery and hdmi port and you will be fine.
Here is a link to the device I recently purchased that supports the second monitor:
Plugable USB 3.0 to HDMI Video Graphics Adapter
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