New opportunity after accepting an offer

I have recently accepted a FT offer because at the time it was my only offer. But recently, a new opportunity has come up with something that I have always wanted to do. If luckily I receive an offer from this new opportunity, and tell the other firm that I won't be showing up, will there be an effects?

On the contract i signed, there was nothing binding me, I just need to give a one month notice. Also, I didn't take any sign bonuses.

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