Knowledge of the electronic properties of dense fluid molecular materials is essential for understanding interiors of giant planets as well as physics and chemistry of compressed condensed matter at extremes. In this regard, the behavior of molecular H2 and N2 as well the pathways of their transformation to monoatomic substances is of great interest related to possible energy applications. To this end, it has been recently realized that the H and N bearing compounds synthesized at high pressures can represent a pathway to create new energetic materials and room-temperature superconductors at ambient conditions. In this talk, I will present experimental results on the plasma phase transition in fluid nitrogen and hydrogen. I will also present new results on novel hydrogen and nitrogen rich materials and discuss the complexities of their theoretical and experimental investigations at extreme conditions, which remain a challenge and continue inspiring researchers for further technical developments.