Cloudy/hazy external monitor (LG) when connected to M1 MacBook Air

I've been using a third party LG 4k monitor (32UL500-W model to be exact) connected to my M1 MacBook Air that I bought earlier this year (2021).

Everything has worked perfectly until recently when the monitor display seemed to glitch out for a second, then became super cloudy/hazy, as if someone put a filter on it. Black colors now look gray, any dark colors have now completely lost its contrast.

At first I thought there was something wrong with the monitor, so I tried unplugging/plugging, resetting all settings, etc. on the monitor, but the problem persisted.

I realized the monitor was not the issue when I tried connecting the monitor to my MacBook Pro (2016) as well as some other pc laptops, and the colors were as crisp as they were on my MacBook Air before the problem arose.

So far I've tried calibrating the display profile on my MacBook Air, restarting my computer, and even factory resetting the entire MacBook, to absolutely no avail. This is really starting to drive me crazy. Please help!!