There's an Instagram black market where people pay thousands of dollars for verification

The product for sale isn't a good or a service. It's a little blue check designated for public figures, celebrities, and brands on Instagram. It grants users a prime spot in search as well as access to special features.

James, whose day job is running an internet startup, has sold five badges since he started earlier this year with the help of his friend who works at Instagram. His contact at Instagram charges $1,200 per blue checkmark, and then James will tack on another fee based on the user's apparent interest or other needs.