The biggest questions are what this means for Instagram itself. Will people's obsession with Facebook attract them to the social network's own photo-sharing app, leaving Instagram out to dry? Or will this app be seen as a cheap rip-off by the Instagram faithful and become a giant flop?

Either way it's a win-win situation for Facebook: The giant social network owns both apps.

Camera is now . Facebook says while it is considering versions for Android and other platforms, there are no concrete plans at this time.

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