Instagram launches global creator awards with custom gold rings, no cash prize

On Monday, Instagram revealed an exciting new global awards initiative aimed at celebrating 25 influential creators who have significantly impacted culture and pushed creative boundaries. The announcement promises to honor these trailblazers with a custom-designed gold ring as a token of their distinguished achievement, with the winners set to be unveiled next week. The judging panel for this inaugural awards program comprises a diverse array of esteemed personalities, including Instagram's head Adam Mosseri, renowned filmmaker Spike Lee, fashion icon Marc Jacobs, popular tech YouTuber Marques Brownlee, actress Yara Shahidi, and celebrated makeup artist Pat McGrath. Each recipient will not only receive a unique ring crafted by British designer Grace Wales Bonner but will also sport a digital gold ring adorning their Instagram profile. Additionally, winners will have the creative opportunity to design a personalized “Like” button that will appear when users engage with their posts. Notably, this award initiative does not come with a cash prize, which aligns with Meta's recent trend of reducing financial incentives for creators. Earlier in the year, Meta phased out a program that compensated creators for ad placements on their profiles and ended bonuses for Reels creators on Instagram and Facebook. A recent survey from Kajabi indicated a staggering 52% decline in brand deals for creators, while a Bank of America report highlighted that sponsorships are increasingly dominated by top-tier creators. In light of these trends, Instagram's new awards program emphasizes recognition over monetary reward. The company articulated that the initiative is designed to honor those who embrace creative risks and foster community through their artistry. Instagram has likened this awards program to the Oscars for content creators, albeit without the traditional ceremony. The announcement of the winners is scheduled for October 16.