Many people still know Instagram Stories as a mimic version of Snapchat Stories and the functionalities are pretty similar. Snapchat probably has the edge with the number of extra features.
Both Snapchat and Instagram Stories revolve around disappearing content i.e., videos, photos, or short-form content that disappears after a given period of time.
Have a look at this infographic from DSIM for more information on the platforms as well as an analysis of the refined differences between the two.
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