What should i do?

If you did a 50 person event, would you need to rent a new venue?

Were you gonna postpone the big celebration to next year or anything? if so, i would say just go with immediate family then and don't plan for a 50 person event. but if you've not intentions of postponing your giant celebration to later and cancelled it altogether, then yeah 50 is ok.

How big is your original guest list?

Ours was about 80 people, and I could have whittled it down to 50 people but probably not 40. Keep in mind the 50 people limit imposed by some states includes everyone on site, including you and your partner, your photographer, officiant, and other event staff like servers, etc so a 50 person gathering limit is not the same as wedding with 50 guests.

If going to 50 people is a simple enough adjustment, you can consider that, but I think immediate family will likely be a more comfortable experience for your guests as well, since they are all family and know each other. Your family members might feel more comfortable gathering with and enjoying the company of people they already know rather than strangers, so that is something to consider as well. I'd rather have an event with fewer guests but people that all felt comfortable hugging, sharing food, etc rather than more people but everyone feeling kind of on edge and like they need to keep their distance. I also feel like I can trust certain people more to take precautions so would feel more comfortable in a group of people practicing social distancing and good hygiene rather than those that kind of flout the rules.

This is exactly what I would suggest!

I would just do immediate family. I feel like it would be too difficult to narrow it down to fifty people because at that point you are picking and choosing which family members and friends are your favorite. Your guests would be more understanding if you did just immediate as opposed to fifty people.