According to NASA's Jet Propulsion Laboratory (JPL) in California's Pasadena, 2024 MT1 is likely to make the closest approach to our planet on July 8.

The US space agency's Near-Earth Object Observations Program was the first to detect asteroid 2024 MT1. This program tracks and characterises asteroids and comets that hurl towards Earth. For monitoring these objects, the program employs a network of ground telescopes and radar systems.

Given its size and speed of approach, 2024 MT has raised serious concerns, however NASA has given assurance that there was no threat of its collision with Earth.

JPL, which closely monitor's the asteroid's trajectory, also has an Asteroid Watch dashboard which gives provides real-time data on asteroid's position, speed and distance from Earth.

Notably, asteroids of the size of this 2024 MT1 are considered hazardous for the Earth due to the severe destruction that they can cause if the collide with the planet.

The major possible damage also includes tsunamis, fires, massive explosions and more. NASA's Planetary Defense Coordination Office (PDCO) is actively engaged in working towards solutions to navigate through such threats.

Reportedly, the PDCO -- in collaboration with international space agencies and research organisations -- develops technologies to deflect asteroids and prevent any devastating impact.

One of the significant technologies that is being explored currently is the Double Asteroid Redirection Test (DART) mission, which aims to test the feasibilty of deflecting an asteroid by crashing a spacecraft into it.

Though DART does not have any direct connection with 2024 MT1, it does represent a significant step towards the efforts made for planetary defense.

Meanwhile, the discovery of 2024 MT1 has sparked massive interest among space enthusiasts and astronomers. Observatories and other such institutions are gearing up to capture images and data of the asteroid as its approach nears the Earth.

Researchers are looking to understand the composition and structure of 2024 MT1, given that it could provide insights into the early solar systems and formation of planets.