A Lookup Table (LUT) can be used to achieve color correction using a Post Process Volume. Instead of using three one-dimensional (1D) lookup tables, a single three-dimensional (3D) Lookup Table is used. This offers
more sophisticated color transformation, which can be used for something like desaturation.
Color Neutral LUT
Sepia Toned LUT
A Lookup Table used in Unreal Engine 4 (UE4) is a 16x16x16 color neutral LUT unwrapped to a 256x16 texture. These examples show a color neutral and a sepia toned one. If you were to apply the neutral LUT, you wouldn't see any changes
to a default scene in UE4, however, if you used the sepia toned one, you'd get something like this: