Instagram Stories are getting a new feature today, and it's called Type mode. From the name, you might guess that it has something to do with text, and you'd be right. It's a way to add stylized text to your Story, and it doesn't require a photo or video.
Type mode will appear at the bottom of the screen next to the "Normal" mode. Just select it and you can input text and choose a font, background color, and highlights. You can add the new text styles to a photo or video if you want, but that's not required. Surprisingly, there are only four different font options. I was expecting more.
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Like everything else in Stories, Type mode content disappears after 24 hours. You should find Type mode in the latest version of Instagram—it's in the current Play Store changelog.
Source: Instagram