I did little research about Instagram and didn't find must info about how to monetize it or how to get traffic from it. I learned you can get noFollow Profile link. It's good since even thought NoFollow.
Main problem with this is you need to use a software to upload photos from PC. and Like Pinterest you can't link each of your photos.
But I have seen lots of Instagram activities happening in BlackHat forums like account sellinsg etc but not much details.