And finally…blue tick investment

The cash is being pocketed by company insiders and “middlemen”, according to a report in Mashable.

The verified badge – a blue crest with a white tick – has become a marker on the social media platform used to afford the anointed profile a higher degree of significance and is usually reserved for celebrities to denote that it is their official account and not run by an impersonator.

While other social media sites such as Facebook and Twitter operate a similar system, their denotation can be applied for, whereas Instagram operates a much more exclusive procedure, with the tick bestowed upon those deemed worthy.

The Mashable report describes how the form needed to be completed for account verified isn’t publicly accessible, but open to “former employees, current employees, big media and entertainment companies”.

Some of those with access now appear to be cashing in by making it known that they are willing to submit verification requests in exchange for payment.

The deals are struck by middlemen, who communicate with the buyer and insider, and charge their own fee on top, the report states.

According to Mashable, a verified badge can cost “anywhere from a bottle of wine to $15,000”.

Instagram is said to be aware of the practice, which is described as an “open secret in the influencer community”, but appears to be struggling to shut it down completely.