Instagram will start handing out awards to select creators

Instagram is launching its own awards program, according to The Hollywood Reporter. This is sort of like the Oscars, but for short-form social media content. There isn’t an awards ceremony, a comedian host or anything like that. Instead, the 25 winners will get physical rings.

These rings will be designed by fashionista Grace Wales Bonner. Maybe they’ll be worth a few bucks, as the recognition doesn’t include a financial payout of any kind. However, winners will get a digital replica of a ring to put on their Instagram profile and stories.

Honorees also receive the ability to customize the background color of their profiles, creating a unique gradient. Eva Chen, the head of fashion partnerships at Instagram, says this kind of customization is “something that we haven’t really ever done before.” Myspace let people do this more than 20 years ago and Friendster before that.

Instagram has three billion monthly active users and there are only 25 recipients of the aforementioned ring. Judges will whittle down the list down to thousands and then hundreds before settling on the winners. These judges include platform head honcho Adam Mosseri, along with folks like Spike Lee and actress Yari Shahidi.

There are no official categories like with other awards, but the winners will be chosen from across different topics and interest groups. “The criteria was really tough,” Chen says. “But really, we were looking for people who take creative chances and who are always pushing the envelope and thinking about new ways to talk to their audience.”

Instagram hopes this will become a regular thing, just like those other awards. “We’d love to see how it’s received and how the winners enjoy the literal Instagram spotlight,” Chen says. Winners will be announced on October 16.