Instagram has introduced a new look. The icon and app designs have been updated.  The new icon represents a simpler camera with a rainbow  in gradient form.

Instagram also announced updated icons for their other creative apps: Layout, Boomerang and Hyperlapse.

In addition, improvements have been made to how the app looks on the inside. The simpler design puts more focus on photos and videos without changing how we navigate the app.

Source: http://blog.instagram.com/