MoneyControl was the first to break this development.

"We're exploring a standalone decentralised social network for sharing text updates. We believe there's an opportunity for a separate space where creators and public figures can share timely updates about their interests," the company was quoted as saying.

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Instagram head Adam Mosseri is leading the project, said the report.

The product is still in its early stages, and no release date has been set, but legal and regulatory teams have already begun to investigate potential privacy concerns surrounding the app to address them before launch, according to the report.

Moreover, several rival platforms have launched or gained traction in the months since Elon Musk took over Twitter -- among them include Mastodon, Post.news, and T2.

In December last year, Instagram introduced a new feature called Notes, allowing users to share short posts of up to 60 characters using only text and emojis.

Earlier this month, Twitter Co-founder and former CEO Jack Dorsey came back into the social media game, with the launch of his Twitter alternative called "Bluesky", which is available in the Apple App Store in the testing phase.

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