Winners will be selected by a panel including Instagram chief Adam Mosseri, filmmaker Spike Lee, designer Marc Jacobs, and YouTuber Marques Brownlee.
The announcement comes as Meta-owned Instagram has phased out its creator bonus program, and brand deals are slowing across the industry. This raises the question: why is one of the world’s richest companies offering jewelry and profile features instead of direct payouts?
“It’s more about special visibility and an incentive for people to work toward a really cool, elevated recognition,” Brownlee told CNBC.
He said he nominated creators whose work showed the most effort and risk-taking, not just those with the largest followings.
Winners can also change their profile backdrop color and customize the “like” button.
Meta ended its Reels Play bonus program, which had been a key income source for many creators, on Instagram and Facebook in 2023. At the time, some expressed frustration online, saying losing the payments left them struggling.
“As stupid as it sounds, in this economy it was a blessing for my household to have the extra money coming in,” wrote a Reddit user.
In June 2024, Mosseri said the company is considering changes to creator compensation, but no new plan has been announced.
Rivals YouTube and TikTok have their own creator revenue-sharing programs. YouTube reported paying over $100 billion to creators over the past four years.
Brand deals for creators dropped dramatically in 2024, falling 52%, according to a survey from Kajabi.
In January, Meta offered deals to creators to promote Instagram on TikTok, Snapchat, and YouTube, CNBC reported. However, an Instagram spokesperson said these deals have ended.
Against this backdrop, Instagram’s new gold rings stand out as a symbolic gesture rather than direct financial support in an increasingly challenging creator economy.
“This could be seen as an incentive to make more Instagram content, or really just an incentive to make the best possible thing you can and hopefully get recognized for it,” Brownlee said. “No matter where you’re doing it, it feels good to know that it resonates with people, inspires people, or impresses people.”