There are multiple ways. I don't do a whole lot of Lo-fi anything, but a good place to start would be the bitcrusher. The effect can be pretty extreme, or you can dial the controls down for a more subtle, grainy sound. The bitcrusher can also be used to make something sound noisy. The drive pedal can additionally be used to distort sound. If you can find any samples of cassette hiss of record crackle in the sample library, those can also be used to make things sound lofi in a vintage way. You could also use extreme EQ to make something sound lofi. For example, cutting the low end and high end of a signal, leaving the mid-requencies, can be used to create kind of a telephone-type effect. These are just some suggestions, but I am by no means an expert at Lo-fi.
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There are multiple ways. I don't do a whole lot of Lo-fi anything, but a good place to start would be the bitcrusher. The effect can be pretty extreme, or you can dial the controls down for a more subtle, grainy sound. The bitcrusher can also be used to make something sound noisy. The drive pedal can additionally be used to distort sound. If you can find any samples of cassette hiss of record crackle in the sample library, those can also be used to make things sound lofi in a vintage way. You could also use extreme EQ to make something sound lofi. For example, cutting the low end and high end of a signal, leaving the mid-requencies, can be used to create kind of a telephone-type effect. These are just some suggestions, but I am by no means an expert at Lo-fi.
I agree with everything below. A while back I found this short and great article about lo-fi sound: https://theproaudiofiles.com/5-lo-fi-mix-techniques/ There are several more if you Google.