The discussion about transcoding rips into smaller files is long and full of nuance. MakeMKV is the first step in that chain, as it lets you take the bits on a DVD, Blu-ray, or UHD and put them, unchanged, into a MKV container. As a rough estimation, figure a DVD is 5GB, a Blu-ray is about 30GB, and a 4K UHD is about 60GB.
So, you need storage space, lots of it. And, if you're going to getting rid of your physical copies, you need a backup.
Also, you'll need an optical drive.
viewtopic.php?f=16&t=19634 is a good place to start. If you don't want to lose your mind worrying about firmware and flashing, find one of the sellers referenced there and buy a drive from them. If you want to rip faster, use two or three drives. MakeMKV will gladly rip multiple discs as once.
Once the bits leave the disc and end up on a hard drive, your playback setup needs to change. This is where people use something like Plex. All these MKV files (transcoded or not) get loaded into a Plex server (or Kodi, or Infuse, or whatever), which then serves that out over your local network to a client, either built into a TV, or some dongle plugged into a HDMI port, or an iPad, or a laptop, etc.
If you go down this route, I recommend not worrying about transcoding now. Just get the bits off the discs and into MKV files. Storage is relatively cheap and you can always choose to transcode later.