Unable to inherently implement grayscale in KDE Plasma

Having a grayscale effect along with other colour blindness correction could be helpful. I could not achieve this only using the System settings. Is there already a way to do this or it’s not possible right now?

If there is a way to achieve it, how to do it?

There doesn’t seem to be such an effect right now, though it shouldn’t be difficult to write one that does it. You can add yourself to cc for 485304 – Grayscale filter option in desktop effects if you want to be notified when it’s implemented