Yes you can earn using some ways

if you have good skills with your Instagram profile very popular. 'Advertise' you can search a person, who want promote their social section. You can share your skills, (photography, video editing etc) then you can got ways for making money.
Just like other social media platform if you can do some skills then it will be profiteering but if not?then nothing is different from you to others.
I am interested in how we can earn money with Instagram if we have enough followers and how much is minimum am out of followers which we need to make money.
If you plan on selling several items in your own Shopify store, you can also make purchases through Instagram possible on your website using one of the available Instagram gallery apps. you can create sponsored posts for brands that want to get in front of your audience or Become an affiliate and making a commission selling other brands’ products.
It is hard to sell Via instagram instead of Facebook because there are more Target costumer than the first platform.