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Developing just an MVP version might be possible by a single individual if they have sufficient skill and knowledge on How to develop an app like Instagram If you are looking to develop a full-fledged version of apps like Facebook or Instagram then you would surely need a dedicated team of developers and designers for such a high-end app.
So developing and maintaining apps like Instagram requires a dedicated team to operate them successfully on a large scale. If hiring a dedicated team of developers is not suitable then you can also hire professional development agencies for the same as they are well-positioned to develop such apps.