For the first two years of its existence, Instagram didn’t have a monetization model. However, after its acquisition by Facebook, Instagram introduced sponsored posts and other types of ads, which to this day remain their main source of revenue.
Now, Instagram is a platform for feed ads, carousel ads, story ads, and video ads. There, users can make purchases by following links, while Instagram earns a commission out of those sales.
You might follow Instagram’s experience, or choose other monetization models, like in-app purchases or freemium.