Split toning techniques go way back to early darkroom photography. In fact, sepia images are even a form of split toning. When we use to it today, we're referring to a technique of adding a color cast to the image. The "split" part of split toning means the color cast can be isolated to highlights and not affecting the midtones or shadows, or vice versa.
Spilt toning can be used in a corrective way. In cases where the sky has been over exposed, spilt toning offers a way to add blue back to it. However, spilt toning is more commonly used creatively to completely alter the look of an image and depart from what was originally captured.
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