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While we don't know exactly what's going to happen, early rumors suggest that Instagram will launch a new messaging tool that will allow users to talk directly to each other. There may even be a photo component to the tool, sort of like Snapchat.
Instagram also sent out invitations to this event along with woodblocks with printed out Instagram photos, leading some to believe the company will announce a feature that lets you print out your photos.
The event starts at 10 a.m. Eastern. You can follow the news as it happens in the live blog below.