Video for Instagram is officially a hit. Just 24 hours after adding the feature to the popular social network, the company confirmed to CNET that users have already uploaded more than 5 million videos.

At the peak moment, which was when the Miami Heat defeated the San Antonio Spurs to win their second straight NBA title, users were uploading more than 40 hours of video per minute.

Unveiled yesterday during an event at Facebook’s headquarters, the feature allows users to shoot videos as long as 15 seconds. Users can take advantage of 13 new video filters to add their own personal touch. Cinematic stabilization technology helps to rein in the shaky video syndrome.

Earlier today, our own Bryan M. Wolfe did a comprehensive look at how video for Instagram compares to Twitter’s own Vine service. Even though Vine does have some advantages, Wolfe said Instagram’s video length, editing features, and cover frame helps to make it the winner for now.

Robin Rhys also took a look at Instagram’s video feature in an edition of AppAdvice Daily.

Instagram is designed for the iPhone/iPod touch. It can be downloaded now in the App Store for free.