The parameter instagram_branded_content[sponsor_id] is required error on Facebook Ads

Currently, all advertisers on Facebook are facing Instagram Branded Content error while creating ad. It started appearing today & everyone is all Greek on it. What it is? & Why Facebook is showing this error?

A layman who is running ads on Facebook is unable to identify this error. We are in talks with Facebook & will update it shortly why it is appearing and what is the solution to resolve this error.

Here is the screenshot of it:

If anyone of you has any solution for it, please mention it in the comments section below.

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