M1 Mac Mini external display keeps waking up

I have a 2020 M1 Mac Mini connected using USB-C to an LG 27UD88-W 4K monitor. The monitor has been waking up very often when the M1 is asleep. Same monitor never did it with my 2016 Macbook Pro 13 and 2017 MacBook Pro 15, all running macOS 11.4. There is a second LG 27UD88-W connected to the M1 via HDMI, it does not exhibit the same issue. Both monitors have the latest firmware version.

Every few minutes, the screen will "wake" but not fully "turn on." So the light will come on, it shows the screen menu, and that's it. After a few seconds, it will turn itself back off. I tried replacing between the monitors, tried changing the USB-C cable, no luck. Also same cable and monitor had no issues with other MacBooks. I also tried installing the LG calibration Studio, but it does not recognize my monitor (probably because it's not HDR) I am using the "LG Ultra HD" color profile.

Any suggestion? it is really annoying.