@arunpatidar I have tried using other ports also like - 25, 465, 587, 147 but then the outcome remains the same.
One more thing - If I check these 2 option(s) also

then I am not getting the error in the asset console and the error log is also changed and now I am getting the below error.
2023-03-14 14:46:48.065 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/coral/content/commons/sidepanels/timeline/items/status, with selector null
2023-03-14 14:46:48.065 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/coral/content/commons/sidepanels/timeline/items/status, with selector null
2023-03-14 14:46:48.066 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /content/dam/first-demo/cat.jpg/, with selector permissions
2023-03-14 14:46:48.066 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /content/dam/first-demo/cat.jpg/, with selector permissions
2023-03-14 14:46:48.078 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/coral/content/commons/sidepanels/timeline/items/events, with selector provider
2023-03-14 14:46:48.078 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/coral/content/commons/sidepanels/timeline/items/events, with selector provider
2023-03-14 14:46:48.078 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/coral/content/commons/sidepanels/timeline/items/alerts, with selector provider
2023-03-14 14:46:48.078 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/coral/content/commons/sidepanels/timeline/items/alerts, with selector provider
2023-03-14 14:46:49.052 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/content/assets/adhocassetsharedialog, with selector null
2023-03-14 14:46:49.052 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/content/assets/adhocassetsharedialog, with selector null
2023-03-14 14:46:49.052 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /content/dam/first-demo/cat.jpg, with selector adhocassetshare
2023-03-14 14:46:49.052 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /content/dam/first-demo/cat.jpg, with selector adhocassetshare
14.03.2023 14:46:49.054 *WARN* [[0:0:0:0:0:0:0:1] [1678785409051] POST /content/dam/first-demo/cat.jpg.adhocassetshare.html HTTP/1.1] org.apache.jackrabbit.oak.security.authorization.accesscontrol.AccessControlManagerImpl Attempt to create an ACE for an administrative principal which always has full access: /var/dam/share/0f25e88f_2cbe_4eec_b297_05cf5140c6e8
2023-03-14 14:46:49.058 DEBUG [com.aem.firstdemo.core.listeners.SimpleResourceListener] Resource event: org/apache/sling/api/resource/Resource/ADDED at: /var/dam/share/0f25e88f_2cbe_4eec_b297_05cf5140c6e8
2023-03-14 14:46:49.058 DEBUG [com.aem.firstdemo.core.listeners.SimpleResourceListener] Resource event: org/apache/sling/api/resource/Resource/ADDED at: /var/dam/share/0f25e88f_2cbe_4eec_b297_05cf5140c6e8
2023-03-14 14:46:49.096 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /libs/dam/gui/content/foldermetadataschemaeditor/schemalist/jcr:content/views/list/datasource, with selector data
2023-03-14 14:46:49.096 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /libs/dam/gui/content/foldermetadataschemaeditor/schemalist/jcr:content/views/list/datasource, with selector data
2023-03-14 14:46:49.106 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /content/dam/first-demo/, with selector permissions
2023-03-14 14:46:49.106 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /content/dam/first-demo/, with selector permissions
2023-03-14 14:46:49.119 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/coral/content/commons/sidepanels/timeline/items/status, with selector null
2023-03-14 14:46:49.119 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/coral/content/commons/sidepanels/timeline/items/status, with selector null
2023-03-14 14:46:49.882 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/granite/ui/content/shell/header/actions/pulse, with selector data
2023-03-14 14:46:49.882 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/granite/ui/content/shell/header/actions/pulse, with selector data
2023-03-14 14:46:51.718 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/content/assets/adhocassetsharedialog/items/dialog/items/adduser/items/userpicker, with selector userlist
2023-03-14 14:46:51.718 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /mnt/overlay/dam/gui/content/assets/adhocassetsharedialog/items/dialog/items/adduser/items/userpicker, with selector userlist
2023-03-14 14:46:59.825 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /content/dam/first-demo/cat.jpg, with selector adhocassetshare
2023-03-14 14:46:59.825 DEBUG [com.aem.firstdemo.core.filters.LoggingFilter] request for /content/dam/first-demo/cat.jpg, with selector adhocassetshare
14.03.2023 14:46:59.829 *WARN* [[0:0:0:0:0:0:0:1] [1678785419825] POST /content/dam/first-demo/cat.jpg.adhocassetshare.html HTTP/1.1] com.day.cq.dam.core.impl.assetlinkshare.AdhocAssetShareServlet Error in getting link share initiator's name or email.
2023-03-14 14:46:59.829 DEBUG [com.aem.firstdemo.core.listeners.SimpleResourceListener] Resource event: org/apache/sling/api/resource/Resource/CHANGED at: /var/dam/share/0f25e88f_2cbe_4eec_b297_05cf5140c6e8
2023-03-14 14:46:59.829 DEBUG [com.aem.firstdemo.core.listeners.SimpleResourceListener] Resource event: org/apache/sling/api/resource/Resource/CHANGED at: /var/dam/share/0f25e88f_2cbe_4eec_b297_05cf5140c6e8
14.03.2023 14:46:59.830 *ERROR* [[0:0:0:0:0:0:0:1] [1678785419825] POST /content/dam/first-demo/cat.jpg.adhocassetshare.html HTTP/1.1] com.day.cq.mailer.oauth.impl.OAuthTokenStoreServiceImpl error occurred while fetching accessToken as resource is null
14.03.2023 14:46:59.830 *WARN* [[0:0:0:0:0:0:0:1] [1678785419825] POST /content/dam/first-demo/cat.jpg.adhocassetshare.html HTTP/1.1] com.day.cq.mailer.oauth.impl.OAuthMailerServiceImpl accessToken is blank
14.03.2023 14:46:59.830 *INFO* [[0:0:0:0:0:0:0:1] [1678785419825] POST /content/dam/first-demo/cat.jpg.adhocassetshare.html HTTP/1.1] com.day.cq.dam.core.impl.assetlinkshare.AdhocAssetShareServlet Email share message sent.
2023-03-14 14:47:00.013 DEBUG [com.aem.firstdemo.core.schedulers.SimpleScheduledTask] SimpleScheduledTask is now running, myParameter=''
2023-03-14 14:47:00.013 DEBUG [com.aem.firstdemo.core.schedulers.SimpleScheduledTask] SimpleScheduledTask is now running, myParameter=''