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Instagram announced on Monday the launch of a new "Rings" award that will give 25 creators a literal gold ring and a matching badge on their profile, but no cash.

Winners will be chosen by a panel including Instagram chief Adam Mosseri, filmmaker Spike Lee, designer Marc Jacobs and YouTuber Marques Brownlee.

The move comes as Meta -owned Instagram has wound down its creator bonus program and brand deals are slowing across the industry, raising the question of why one of the world's richest companies is offering jewelry and profile features instead of direct payouts.

"It's more about a special visibility and sort of incentive for people to work towards a really cool elevated recognition," Brownlee told

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