Select Pressure Cook on the Instant Pot and set the time for 2 minutes and Press start (lid off).
While it heats up drizzle a tablespoon of oil into the inner pot, then add the sliced onions along with a pinch of salt and pepper.
Secure the lid, and allow the pot to come to pressure and the cooking program to begin.
Once the cooking program finishes, perform a quick pressure release and remove the lid. Then drain off the excess liquid from the onions.
Return the drained red onion to the inner pot, press Cancel then Select Sauté, setting the time for 20 minutes.
Add the spices, then sauté the onions for 2 minutes (add a little more oil if needed).
Add the red wine, sugar and balsamic, and continue to cook the onions on high for 10 minutes. Once the jam starts to pop and bubble, lower the heat until the liquid has reduced and the jam is thick and sticky.
Season to taste with salt and pepper and pour into sterilized glass jars until needed. The jam will keep for 10 days in the fridge.
Serving suggestion: Air fry or Bake a wheel of Brie in the bamboo case until nice and gooey. Remove the rind from the top to reveal the molten inside. Top the cheese with onion jam, nuts, and thyme, then serve immediately alongside crackers and toasted bread.