All eyes are on Snap, the company behind Snapchat and Spectacles, to see how it fares under the public spotlight. But maybe no one's eyes are more important than that of a $387 billion giant residing nearly 400 miles north of Snap's Los Angeles headquarters. Because three years after Snap CEO Evan Spiegel rebuffed Facebook's offer to buy his company for $3 billion, Facebook has launched an all-out attack on Snapchat - copying its most popular features in an effort to boost engagement on Facebook and Instagram. Simply put, Facebook no longer needs Snapchat.

Instagram Stories, a direct clone of Snapchat's stories feature, is already succeeding in drawing interest from advertisers. Brands including Nike, Unilever and Capital One have run ads on Stories.

Multiple ad buyers say that while Instagram Stories isn't taking ad spend directly away from Snapchat, the existence of the product makes it easier for clients to spend more on Instagram and Facebook. Plus, Facebook and Instagram are much more eager to work with advertisers, while Snapchat remains closed off if advertisers want to do anything other than buy ads. "There is value in doing business with humility, and they don't," said one ad buyer.

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