ESV - 1 Then I saw a new heaven and a new earth, for the first heaven and the first earth had passed away, and the sea was no more.
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In my opinion, the new heaven and earth are intended as a replacement for the old creation that was corrupted by Satan's rebellion and by human sin. The new heaven and new earth will be the environment in which the redeemed will dwell with God for eternity after God's final victory over Satan and all the forces of sin and evil, as described just prior to the verse from Revelation cited in the question. Unlike the old creation, it will never become tainted by sin.
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