Yes, the term ‘Nobel Prize’ should be capitalized. The proper name refers to the prestigious awards established by the will of Alfred Nobel, the inventor of dynamite, in 1895. Since the Nobel Prize honors significant contributions in various fields such as Physics, Chemistry, Medicine, Literature, and Peace, it is treated as a proper noun.
Capitalization is used in English to denote specific names, and since the Nobel Prizes recognize particular achievements and are named after a specific individual, they warrant capitalization. When writing about the prizes, you should always capitalize ‘Nobel Prize’ as it reflects their significance and unique identity.